Trump recently signed the Lindsey Graham Sanctioning Russia and Iran Act of 2026, which grants the US statutory authority to levy tariffs of up to 100% on goods imported from the top international buyers of Russian oil and gas. In the 2022-2026 period, China imported around 50% of Russia’s crude exports, and India imported around 37%. China and India are Moscow’s energy lifelines and therefore they are the main targets.
Certainly, Trump’s move is bad news for India. The US is India’s single largest merchandise export market of over $90 billion annually. A punitive tariff would devastate the export sectors and skew the bilateral trade balance.
What should be India’s response? Should India respond by raising tariffs on US imports? That would be a stupid response. Regardless of what the trading partner does, allowing free import of goods and services is the best policy. Continue reading “Trump’s Trade Wars”
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