Now Reading: US proposes 100% tariff on India, China over Russian oil
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US proposes 100% tariff on India, China over Russian oil
The Hans India, citing reader Govardhana Myneedu, reports that a proposed US legislation threatens up to 100% tariffs on India and China. Washington frames the measure as a way to cut revenue…
The Story in Brief
The Hans India, citing reader Govardhana Myneedu, reports that a proposed US legislation threatens up to 100% tariffs on India and China. Washington frames the measure as a way to cut revenue to Russia from oil sales that fund the war in Ukraine. However, the reader notes it also aims to defend the Petro-Dollar dominance in oil trade. The proposed rules include exemptions for some European nations still buying Russian energy, prompting accusations of double standards. US senators are calling out Asian importers as the main targets, singling out the fastest growing economies that threaten dollar hegemony.
The reader describes the tariff threat against India as an 'economic bunker-buster' to force a developing country to alter its energy procurement strategies under threat of losing access to Western markets. Safeguarding the dollar's dominance in commodity trading remains a pillar of American financial hegemony, the letter concludes.
The Indian Opinion
The narrative that the US is just punishing Russia's war backers misses the bigger picture. Washington is openly protecting dollar supremacy while exempting European buyers, exposing double standards. An ordinary Indian reader would ask: why should India bend to a tariff threat that selectively targets Asian growth? The real test will come if New Delhi calls the bluff and deepens rupee-rouble trade, risking a trade war. Whose resolve cracks first: India's need for cheap oil or America's need to keep the petrodollar afloat?
Source: thehansindia.com
This story was synthesised by AI from the source linked above.
