Trump Hits India With 50% Retaliatory Tariffs, Lula Vows to Mobilize BRICS to Fight Back
Main Idea
The Trump Administration imposed a 50% tariff on Indian imports of Russian oil, prompting Brazil's President Lula to coordinate a joint BRICS response.
Key Points
1. President Trump issued an executive order raising tariffs on Indian imports of Russian oil from 25% to 50%, citing India's support for Russia's economy.
2. The new tariff will take effect 21 days after August 7 unless Trump reverses the decision.
3. India rejected the tariffs, calling them 'unfair, unjustified, and unreasonable.'
4. Brazil's President Lula plans to coordinate a joint BRICS response, involving discussions with India's Modi and China's Xi.
Description
The Trump Administration issued an executive order raising tariffs to 50% on India as a retaliatory move against the nation’s continued purchases of Russian oil. Brazil’s President Luiz Inácio Lula da Silva, who also faces similar tariffs, vowed to coordinate a joint response from the BRICS bloc. Trump Issues 50% Tariff Retaliation Against India, Lula
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