Oil extends losses following additional tariffs on India ✂

Oil began pulling back from its daily highs around 4:00 PM after President Trump announced an additional 25% tariff on Indian goods. This brings the total tariff level to 50% on products from India. The extra duties are a response to India’s continued purchases of Russian oil. As Russia shows no signs of agreeing to a ceasefire in Ukraine, the U.S. is targeting not only Russia itself but also its buyers.

The extreme 50% tariffs could lead to a significant reduction in trade between the U.S. and India. Moreover, this move could potentially mean much more expensive iPhones, as many of the devices sold in the U.S. are currently manufactured in India.

2 July 2026, 7:05 PM

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