"US President playing with global economy, affected nations must plan strategy": SP MP Ramgopal Yadav

New Delhi [India], August 7 (ANI): Following United States President Donald Trump's imposition of an additional 25 per cent tariff on India over its purchase of Russian oil, Samajwadi Party MP Ramgopal Yadav on Thursday said that the US President is playing with the global economy and urged affected nations to plan a joint strategy.
The Samajwadi Party MP also commended the Prime Minister for visiting China and sending National Security Adviser Ajit Doval to Russia.
While speaking to ANI, Samajwadi Party MP Yadav said, "He is playing with the Global economy. The countries affected by these tariffs will have to plan a strategy. American imports in India are more than our exports to America, but there are many items for which we will have to look for other markets. There was a time when Indian textiles dominated the global markets, but Sri Lanka, Bangladesh, and Vietnam surpassed us in textile exports. We will have to maintain our quality and ensure that our diplomatic channels remain open."
He further added, "Next year, elections for the US House of Representatives will be held. Republicans will lose because of these actions of Donald Trump, and then he will not be able to exercise his monopoly. We will have to make arrangements for ourselves. It is good that the Prime Minister is going to China and Ajit Doval has been sent to Russia..."
Earlier, US President Donald Trump signed an Executive Order on Wednesday imposing an additional 25 per cent tariff on imports from India in response to New Delhi's purchase of Russian oil.
According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India's imports of Russian oil, directly or indirectly, pose an "unusual and extraordinary threat" to the United States.
After the order, the total tariff on Indian goods will be 50 per cent. While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions.
The Executive Order also allows for modifications based on changing circumstances, including potential retaliation by other countries or steps taken by Russia or India to address the national emergency.
"Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 per cent," the order stated.
"This rate of duty shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 21 days after the date of this order, except for goods that (1) were loaded onto a vessel at the port of loading and in transit on the final mode of transit prior to entry into the United States before 12:01 a.m. eastern daylight time 21 days after the date of this order," the order added. (ANI)