India’s small-scale manufacturers stand to lose after the Trump administration slapped a 50% tariff on the country. The move was largely a punishment for India purchasing massive amounts of discounted Russian oil after Russia invaded Ukraine in 2022, which the U.S. says is helping Russia to fund its war. Energy products dominate the exports of Reliance Industries, run by Mukesh Ambani, India’s richest man.
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U.S. Tariffs on India Skirt Around Its Biggest Buyer of Russian Oil
Published 2 months ago
Aug 29, 2025 at 6:01 PM
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