By Skylar Woodhouse, Michael Shepard, and Kate Sullivan
President Donald Trump said he’d impose increased tariffs on countries buying energy from Russia while clarifying that levies on semiconductor and pharmaceutical imports would be announced “within the next week or so.”
In a divergent approach toward Asia’s giants, Trump said he’d raise tariffs on India “very substantially over the next 24 hours,” accusing its Russian oil purchases of “fueling the war machine.” By contrast, he said he was “very close to a deal” with China to extend a trade truce that saw the two countries agree to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies.
India, which hoped to lure manufacturers amid Trump’s tariff blitz, will face a double squeeze as Trump said levies on pharmaceutical imports would be announced in the next week or so, along with tariffs on semiconductors. Unlike Beijing, which used its dominance of rare earths in trade dealings with Washington, Delhi has no such leverage.
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