US removes 25 per cent tariffs imposed on India for Russian oil purchases

NEW YORK/WASHINGTON: (Feb 7) US President Donald Trump has removed the 25 per cent tariffs it imposed on India for purchasing Russian oil, citing that the country has undertaken "significant steps" and New Delhi has committed to stop directly or indirectly importing oil from Moscow.

"I have received additional information and recommendations from senior officials regarding India's efforts to address the national emergency described in Executive Order 14066. Specifically, India has committed to stop directly or indirectly importing Russian Federation oil, has represented that it will purchase energy products from the United States, and has recently committed to a framework with the United States to expand defence cooperation over the next 10 years," Trump said in an executive order on Friday.

The US President said that after considering the information and recommendations provided to him, he has determined that "India has taken significant steps to address the national emergency described in Executive Order 14066 and to align sufficiently with the United States on national security, foreign policy, and economic matters. Accordingly, I have determined to eliminate the additional ad valorem rate of duty imposed on imports of articles of India." PTI YAS RUK