President Trump on Wednesday signed an executive order imposing an additional 25% tariff on India over its purchases of Russian oil. The new tariff, which will come into effect in 21 days, is set to "stack" on top of an existing country-specific tariff of 25%.
In doing so, Trump is set to make good on a threat for higher tariffs on India, as he as accused the country of effectively financing the Russian war in Ukraine.
"They're fueling the war machine," he charged in a CNBC interview.
India's first 25% levy takes effect Thursday, part of scores of new duties that will see importers paying between 10% to 50% as they bring in goods from nearly 200 countries around the globe. Outside of India, Switzerland is the developed nation whose goods face a whopping increase: up to 39%.
Trump on Tuesday said he would soon announce tariffs on semiconductor and pharmaceutical imports, as he prepares to add more sectoral duties to his mix of tariffs. He said duties on pharma could eventually balloon as high as 250%.
In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline:
Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs.
Trump hiked tariffs on Canadian imports to 35%, though goods contained in the US-Mexico-Canada agreement are exempt, keeping this hike's impact limited so far.
The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports.
Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1.
The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ).
The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal.