Oil extends losses following additional tariffs on India ✂

6:29 PM 6 August 2025

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.

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits