India Tariff: More tariffs on India … G7 started shaking off from Trump’s mouth, Russian treasury will be rich in Ukraine

Finance ministers of the seven powerful countries of the world (Group of Seven-G7) spoke on the virtual meeting held on Friday on Russia. Along with this, there was a discussion on imposing tariffs on those countries, which are being considered as ‘helpful’ of Russia in the war with Ukraine.

In a statement issued by Canada, it was said that the purpose of the meeting was to increase pressure on Russia and strengthen Ukraine’s defense. In this, it was agreed to take fast steps on freezing Russian properties and using them for the protection of Ukraine. Also, options like new economic steps, additional restrictions and tariffs were also discussed to weaken Russia’s war capacity.

US Finance Minister Scott Besant and US Trade Representative Jamison Greer appealed in the meeting that tariffs should also be imposed on countries buying oil from Russia. He said, “Only by unitedly we can break the back of Putin’s war machine and eliminate this fruitless violence.”

The US statement issued after the meeting said that he welcomed the commitments made on Russia to increase further strictness and use its properties for Ukraine.

Earlier in the day, a spokesman of the US Finance Ministry appealed to the G7 and the European Union to put ‘tariffs’ on the goods coming from China and India so that both countries should stop purchasing Russian oil.

50% tariff on India, softening on China

President Donald Trump recently put 25% additional tariff on goods coming from India, causing the total tariff to reach 50%. Its purpose is to put pressure on New Delhi so that it stops buying cheap Russian oil. This decision has also brought sour in Indo-US trade talks.

However, Trump has not imposed additional tariffs about China. The reason is the delicate trade ceasefire running with Beijing, which the US administration wants to maintain at the moment.

Talk to China in Madrid

US Finance Minister Scott Besant will leave Madrid on Friday, where he will meet the Chinese Deputy Prime Minister Hey Lifeng. During this time issues like business, money laundering and selling American unit of Tiktok will be discussed.