Trump says will raise tariff on India over Russia oil purchases

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Updated 04 August 2025
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Trump says will raise tariff on India over Russia oil purchases

  • An existing 10 percent US tariff on Indian products is already expected to rise to 25 percent this week
  • New Delhi has quickly pushed back, saying the move was unjustified and vowing to protect its interests

Washington: President Donald Trump threatened Monday to hike US tariffs on goods from India over its purchases of Russian oil — a key source of revenue for Moscow’s war on Ukraine.

New Delhi quickly pushed back, saying the move was unjustified and vowing to protect its interests.

Trump’s heightened pressure on India comes after he signaled fresh sanctions on Moscow if it did not make progress by Friday toward a peace deal with Kyiv, more than three years since Russia’s invasion.

Moscow is anticipating talks this week with the US leader’s special envoy Steve Witkoff, who is expected to meet President Vladimir Putin.

On Monday, Trump said in a post to his Truth Social platform that India was “buying massive amounts of Russian Oil” and selling it for “big profits.”

“They don’t care how many people in Ukraine are being killed by the Russian War Machine,” Trump added.

“Because of this, I will be substantially raising the Tariff paid by India to the USA.”

He did not provide details on what tariff level he had in mind.

Even before the threat, an existing 10 percent US tariff on Indian products is expected to rise to 25 percent this week.

“The targeting of India is unjustified and unreasonable,” India Foreign Ministry spokesman Randhir Jaiswal said in a statement, after Trump’s announcement.

“Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.”

India has become a major buyer of Russian oil, providing a much-needed export market for Moscow after it was cut off from traditional buyers in Europe because of the war.

That has drastically reshaped energy ties, with India saving itself billions of dollars while bolstering Moscow’s coffers.

But India argued it “began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict.”

The world’s most populous country is not an export powerhouse, but the United States is its largest trading partner.


EU regulator backs approval for Moderna’s combined COVID and flu vaccine

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EU regulator backs approval for Moderna’s combined COVID and flu vaccine

  • Currently people need two separate shots to protect them against COVID-19 and influenza
  • Moderna is banking on the COVID-flu combination shot

BRUSSELS: Europe’s medicines regulator recommended approval for Moderna’s COVID and flu combination vaccine on Friday, putting it on track to become the first single shot to protect people aged 50 and older against both illnesses.
Currently people need two separate shots to protect them against COVID-19 and influenza and the vaccines are updated regularly to match the viral strains in circulation.
Moderna is banking on the COVID-flu combination shot and also an mRNA-based flu shot to help it return ⁠to revenue growth as demand ⁠for COVID vaccines has collapsed in the years after the pandemic.
It hopes international markets will drive revenue growth this year, as anti-vaccine activist US Health Secretary Robert F. Kennedy Jr has disrupted the domestic market.

MODERNA SHARES HAVE PLUNGED FROM 2021 HIGHS
Shares of the biotech, which were flat in US premarket hours on Friday, have declined by ⁠nearly 90 percent from 2021 highs.
Last year, Moderna withdrew its US application for its COVID-flu combination shot to wait for efficacy data from a late-stage trial of its influenza vaccine.
Earlier this month, the company said it was waiting for guidance from the Food and Drug Administration on refiling the application.
US regulators initially refused to review a separate mRNA-based flu vaccine from the company, then reversed course a week later after Moderna amended its application.
EMA’s recommendation on Friday was based on data from a study of 8,000 participants that showed those who ⁠received mCombriax generated more ⁠antibodies than those who received separate shots against the viruses.
The study compared mCombriax with a combination of Moderna’s COVID-19 shot Spikevax and traditional flu shots from GSK and Sanofi.
EMA also considered data from a study of a similar mRNA flu vaccine, in which mCombriax triggered an adequate immune response. The shot contains messenger RNA with instructions for making proteins found on some strains of the influenza virus and SARS-CoV-2.
EMA’s recommendation will be reviewed by the European Commission, which will give the final sign off for marketing in the European Union. It was not clear how long that decision would take.