On August 6, US President Donald Trump signed an executive order adding a 25% tariff (beyond an earlier 25% imposed in July) on certain Indian imports because New Delhi continues to buy discounted Russian crude, raising the effective rate to 50%. The ministry of external affairs described the actions as “unfair, unjustified and unreasonable”, and “extremely unfortunate”. The White House order explicitly linked the measure to India’s purchases of Russian oil. Markets have already begun pricing the geopolitical risk, and Indian exporters, of goods from leather to light engineering, are bracing for the additional bazooka. For an economy that imports the bulk of its crude, the tariff lands squarely on the country’s energy security.

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