US President Trump plans to raise the tariffs for India again – and justify this with India’s purchases of Russian oil. Finance Minister Klingbeil, however, tries to save the situation for the German steel industry in Washington.
US President Donald Trump has explained to significantly increase the tariffs for India – although surcharges of 25 percent have already been announced for imports from the country. Trump cited India’s purchases of Russian oil as the reason for the increase.
“India not only buys huge amounts of Russian oil, but then sells a large part on the free market with high profits,” wrote the Republican on his platform Truth Social. “They don’t care how many people in Ukraine are killed by the Russian war machine.”
Trump spoke of a “significant” increase – but initially did not give a specific number. The previously announced surcharges for numerous trading partners of the United States – including India, but also the EU – are to come into force on Thursday.
India rejected US criticism as “unjustified and unreasonable”. Like every large economy, India will take all the necessary measures to protect its national interests and economic security, said a spokesman for the Foreign Ministry.
Switzerland tries to avert customs height
Switzerland was even harder than India by the customs conflict in the first announcement. The US President provides for 39 percent surcharges for imports from there. According to the Swiss Federal Council, around 60 percent of all exports would be affected.
The Swiss government is still trying to avert the tariffs at this level – and announced that new approaches to the US negotiations had been developed. She wanted to work for equal treatment with her most important competitors. The EU, Japan and South Korea, which have negotiated customs duties of 15 percent with Washington, all have a major trade excess with the USA.
“In order to improve the customs situation and at the same time to take into account the concerns of the United States, Switzerland does everything possible to make an even more attractive offer to the United States in this new negotiating phase,” said the government today after a special meeting. Countermeasures are currently not being considered. The time window until Thursday remains scarce. If necessary, the negotiations would also continue after August 7, it said.
Klingbeil wants to achieve exceptions for steel industry
Federal Finance Minister Lars Klingbeil also wants to go into negotiations with the USA again on his US trip – in this case for the German steel industry. When he visited Washington, he wanted to discuss a quota regulation for the metal – this could possibly act certain quantities of the raw material to lower customs sets or even without a serve between the two sides of the Atlantic. “That would be very important for the German steel industry, very important for many jobs in Germany,” he said.
The EU had agreed with the USA on import duties of 15 percent. Trump and US Finance Minister Scott Bessent held for European steel and aluminum until the end of the special tariffs that were already applicable. Many details of the deal are still unclear, said Klingbeil. Before the meeting with his US colleague, he expressed hope that “a narrow wire between me and Scott Bessent can also help us clarify things”.
In principle, Klingbeil was disappointed with the EU’s trial. “I think we were too weak. We cannot be satisfied with the result that was achieved.”
Klingbeil criticizes Trump’s dealings with the US Federal Reserve
He spoke of a “setback” for free world trade. The repeated shifts in Trump’s tariffs “led to many uncertainties,” said Klingbeil. The German economy needs “quickly solutions”. The SPD politician also complained to Trump’s continued pressure on the US Federal Reserve Fed. He thinks “this political path is wrong”.
