Trump says pharma tariffs could go to 250%, threatens EU if it fails on investment pledge

President Trump said on Monday he will “substantially” raise tariffs on India. Stocks still remained in rally mode following Friday’s sell-off.

“India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits,” wrote Trump on Monday morning.

“They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA,” he added.

President Trump’s sweeping tariffs are set to come into full effect later this week. Last week, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country’s purchasing of Russian oil.