US President Donald Trump speaks with the press as he meets with Indian Prime Minister Narendra Modi in the Oval Office of the White House in Washington, DC, on Feb. 13, 2025.
Jim Watson | AFP | Getty Images
India’s set to face a 50% tariff after the White House announced an additional 25% levy on the South Asian country Wednesday over its purchases of Russian oil. That’s now among the highest duties on any of the U.S.’ trading partners.
New Delhi responded swiftly in a statement Wednesday, describing the U.S.’ decision to raise tariffs as “unfair, unjustified and unreasonable,” and that the country’s imports are based on market factors and to ensure energy security for its population.
Earlier on Monday, India’s Ministry of External Affairs called out what it says is selective enforcement in a statement, adding that “it is revealing that the very nations criticizing India are themselves indulging in trade with Russia.” It cited data that showed the EU’s trade was “significantly more” than India’s total trade with Russia.
And it seems that India isn’t the only country on U.S. President Donald Trump’s radar as he sets to punish countries that buy oil from Russia.
His latest executive order also directs his administration to “determine whether any other country is directly or indirectly importing Russian Federation oil,” and the actions, if any, that need to be taken on that country.
— Nur Hikmah Md Ali
— CNBC’s Erin Doherty contributed to this story.
What you need to know today
U.S to impose 50% tariff on India over Russian oil purchases. Trump announced in an executive order Wednesday that the new 25% duties will come into effect in 21 days, while the previously announced 25% rate will kick in Thursday.
Semiconductor tariffs of 100%. Unless companies can manufacture in the U.S., Trump said Wednesday that he would impose that tariff rate on imports of semiconductors and chips into the country.
U.S. stocks gain on Apple’s investment. Markets gained Wednesday after Apple’s shares climbed 5% on its increased U.S. manufacturing investment. Asia markets mostly rose Thursday, with Japan’s Topix hitting a fresh record high. Asian chip-related stocks trade mixed.
Apple commits $100 billion to U.S. expansion. Apple CEO Tim Cook and President Donald Trump unveiled the manufacturing boost Wednesday. That’s on top of the $500 billion that the iPhone maker announced in February, and brings its total U.S. investment to $600 billion over the next four years.
[PRO] Chip stocks have been going through a rough ride this earnings season. Texas Instruments, ON Semiconductor, Qualcomm, and Arm posted earnings beats but were met with steep sell-offs as investors demand more than solid execution.
And finally…
A woman looks at the jewelry displayed at a jewelry shop.
Pankaj & Insy Shah | Gulfimages | Getty Images
India’s $434 billion merchandise exports engine: What’s at stake after Trump doubles tariffs to 50%
India counts the U.S. as its single largest export partner. Its total goods exports reached about $434 billion in the year ended March 2025, and nearly 20%, or $86.51 billion worth of goods, were shipped to the U.S., according to the latest official data.
The potential 50% extra tariff on Indian products could put a drag of a total 0.6 percentage point on its gross domestic product, according to Goldman Sachs’ estimates.
With notable variance across industries and little clarity over Trump’s plans with sector-specific tariffs, this story lists segments that potentially stand to lose the most.
— Anniek Bao
