US President Donald Trump has decided to impose additional tariffs of 25% on India due to its purchase of Russian oil, according to a presidential decree published by the White House.
“Thus, goods from India imported into the US will be subject to ad valorem duties of 25%,” the document says.
“I have determined that it is necessary and appropriate to impose ad valorem duties on imports from India that directly or indirectly purchase oil from the Russian Federation,” Trump explained in the decree.
Ad valorem duties are levied as a fixed percentage of the price of the goods, rather than per unit of cargo.
At the same time, the order specifies that it applies not only to oil of Russian origin, but also to petroleum products.
“The term ‘oil of the Russian Federation’ means crude oil and petroleum products extracted, refined, and exported from the Russian Federation, regardless of the nationality of the company involved in the production or sale of oil or petroleum products,” the document explains.
The term “indirect import” is also clarified, which, according to the US, means the purchase of Russian oil through intermediaries or third countries, whereby the origin of the oil can be traced back to Russia if the head of the Ministry of Trade, who consulted with the Secretary of State and the head of the Ministry of Finance, comes to such conclusions.
Last week, Trump announced that he was imposing 25% tariffs on Indian goods, as well as “penalties” for India’s purchase of Russian oil and weapons. Trump later expressed hope that India would stop buying Russian oil.
Trump then threatened to seriously increase tariffs on Indian exports, arguing that India’s purchases of Russian oil contribute to the continuation of Russia’s military aggression against Ukraine.
In turn, the Indian Foreign Ministry said that the US and EU’s dissatisfaction with Delhi’s purchase of Russian oil was unfounded. Trump’s threats were also condemned by the ruling party and the opposition in India.
European leaders and industry circles have reacted strongly to US President Donald Trump’s announcement that he will impose 30% tariffs on imports from the EU from August 1, a significant increase on the current 10% base rate, according to Euractiv.
According to the publication, the decision has caused outrage among EU member state leaders, who are calling for an immediate and tough response from Brussels. European diplomats will hold an emergency meeting on Sunday to discuss measures
Bernd Lange, chairman of the European Parliament’s Trade Committee, called Washington’s actions “arrogant and a slap in the face” and said that countermeasures should take effect as early as Monday.
French President Emmanuel Macron called on the European Commission to resolutely defend the EU’s interests if no agreement is reached by August 1.
Spanish Prime Minister Pedro Sánchez noted the strength of the single market, while Italian Prime Minister Giorgia Meloni expressed hope that escalation could be avoided.
Hungary criticized the European Commission, saying that tariffs should have been lowered after Trump’s return.
Meanwhile, representatives of European industry are warning of serious consequences of the new tariffs. The Federation of German Industries (BDI) called Trump’s statement “an alarm bell” and called for a quick solution to avoid further escalation. According to official data, German exports to the US have already fallen to their lowest level since March 2022,” the statement said.
The food industry, particularly the wine sector, is particularly affected. The Italian wine association UIV said the new tariffs could lead to an embargo on 80% of Italian wine exports to the US. “This is the darkest page in the relationship between two historic allies,” said UIV President Lamberto Frescobaldi.
The International Chamber of Commerce (ICC) has introduced reduced fees for Ukrainian companies applying to the ICC International Court of Arbitration. This was announced in an interview with Interfax-Ukraine by ICC Secretary General John W. H. Denton.
“Yes, the decision to reduce fees was implemented to remove barriers to commercial dispute resolution for Ukrainian businesses,” he said.
In addition, according to the ICC Secretary General, the ICC One Click digital platform is now available in Ukrainian and integrated into the network of regional chambers of commerce and industry. He also announced this in an interview with the agency.
“Ukrainian small and medium-sized enterprises (SMEs) are already using the platform, undergoing training, and integrating into international supply chains,” Denton added.
The ICC (International Chamber of Commerce) is the world’s largest business organization representing the interests of the private sector at the global level.
Headquarters: Paris, France.
Member countries: more than 170.
Members: over 45 million companies, entrepreneurs, and business associations worldwide
Status: has observer status at the UN, works closely with the WTO, G20, IMF, and other international organizations.
The ICC develops global standards and rules for doing business (e.g., Incoterms®), resolves international disputes through the ICC International Court of Arbitration, one of the most authoritative arbitration bodies in the world, and promotes free trade, sustainable development, and the digitalization of the economy.
For more information, see the interview: https://interfax.com.ua/news/interview/1082092.html
“Nova Poshta, Ukraine’s largest logistics operator, has raised its tariffs for the delivery of documents, parcels and cargo by an average of UAH 10 on October 1.
As the company posted on its website on Monday, a number of fees have been canceled, including the fee for the declared value of parcels returned.
Starting from October 1, sending documents in a branded envelope, which is included in the price, costs UAH 65, delivery of parcels up to 2 kg in the city costs UAH 60, up to 10 kg – UAH 90, up to 30 kg – UAH 140. For delivery in Ukraine, parcels up to 2 kg cost UAH 80, up to 10 kg – UAH 110, up to 30 kg – UAH 160. Cargoes over 30 kg are delivered between branches in the city with a coefficient of +0.5 UAH/kg, between branches in Ukraine: + 1 UAH/kg.
The fixed cost of packaging for parcels up to 30 kg when sent through a post office is UAH 15. Parcels can be packed free of charge in a branded package for 0.5 kg, 1 kg, 2 kg and 4 kg.
Nova Poshta explained the need to increase tariffs by the rising prices for energy – electricity and fuel – as well as rising consumer prices and inflation.
“By updating the tariffs, we are simultaneously introducing new technologies and improving the provision of services. The increase in tariffs will allow us to continue working and create an opportunity for Ukrainians to receive their parcels as quickly as possible,” Nova Poshta said in a statement.
It is noted that the company’s customers still have access to free services, including the service of return from the buyer to the seller if the goods do not fit; free parcel forwarding in Ukraine.
The Ukrainian Grain Association (UGA) opposes another increase in railroad tariffs for grain transportation, as it will further hit farmers who have already suffered $80 billion in losses due to Russia’s armed aggression, the association said in a statement.
The UGA recalled that in 2021-2022, Ukrzaliznytsia (UZ) significantly increased tariffs for grain transportation, which led to a 96% increase in the cost of grain transportation. Subsequently, with the outbreak of war, the company resorted to raising tariffs due to a drop in transportation volumes.
“Indeed, during the blockade of Ukrainian seaports by Russia, grain transportation in their direction dropped significantly. However, with the opening of the Ukrainian sea corridor, grain exports from the country’s ports have almost recovered to pre-war levels, and, accordingly, the volume of grain transportation by rail to ports has increased,” the business association noted.
The UGA argues that the 11% increase in grain transportation tariffs proposed by UZ will hit Ukrainian farmers hard, who are suffering losses due to the war, lower global grain prices and lower crop yields this year. This move will make the price of grain uncompetitive on the global market, as exporters will be forced to reduce their purchase prices due to the rising cost of logistics, and as a result, farmers will suffer even greater losses.
At a time when the agricultural sector is one of the drivers of the Ukrainian economy, ensuring food and economic security for a country at war and in dire need of tax revenues, its losses will lead to a drop in production and exports. As a result, tax revenues to the state budget will decrease, and the country will face a shortage of funds to finance the Armed Forces and purchase weapons, the association states.
At the same time, the UGA welcomes UZ’s proposal to unify freight transportation, as the transportation of a ton of cargo costs the same, regardless of whether it is grain or coal. For many years, the Association has been pushing for the unification of railroad transportation tariffs.
According to the UGA, with the opening of the Ukrainian sea corridor, Ukrzaliznytsia has significantly expanded its freight transportation base and increased its own revenues. Therefore, the best way to avoid unprofitability is for the company to optimize costs and improve the efficiency of production processes.
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has increased tariffs for Green Card policies for those traveling abroad by 3.1% from December 30, 2022, the Bureau’s website reports.
According to the MTIBU, the last change in tariffs took place on November 17, 2022 upward by 6.9%, on October 3, 2022 – downward by 5.5%, and before that (July 26) – upward by 26.3%.
Green Card policies have been sold since 2009 in two types: all of Europe and Moldova. Also, from January 1, 2016, Ukrainian policies “Green Card” began to operate in Azerbaijan.
According to the MTIBU, the cost of the “Green Card” in Ukraine for 15 days for traveling in Europe for passenger cars rises to UAH 952 (previously – UAH 923), for buses – up to UAH 3.578 thousand (UAH 3.469 thousand), for trucks – up to UAH 2.246 thousand (UAH 2.178 thousand).
The cost of “Green Card” for one month for cars is now UAH 1.516 thousand (against UAH 1.470 thousand before), buses – UAH 4.970 thousand (UAH 4.818 thousand), trucks – UAH 2.982 thousand (UAH 2.891 thousand).
Six-month and annual policies “Green Card” for cars will now cost UAH 6.731 thousand and UAH 8.333 thousand respectively, for buses – UAH 17.396 thousand and UAH 32.307 thousand, for trucks – UAH 14.116 thousand and UAH 26.641 thousand.
The cost of policies for trips to Azerbaijan and Moldova for passenger cars for 15 days will be UAH 694 (previously UAH 672), for one month – UAH 1,020 thousand (UAH 989), for six months – UAH 2,340 thousand (UAH 2,268 thousand), for a year – UAH 3,331 thousand (UAH 3,230 thousand).
The amounts of single insurance payments under the contracts of international compulsory insurance of civil liability of owners of land vehicles are established by the Resolution of the Cabinet of Ministers of January 6, 2005 and are determined in euros.
“Green Card” is a system of insurance protection for victims of road accidents regardless of their country of residence and country of vehicle registration. “Green Card” covers the territory of 44 countries in Europe, Asia and Africa.
According to the decision of the General Assembly of the Council of the Bureau of the international motor insurance system “Green Card”, adopted in Luxembourg in May 2004, Ukraine is a full member of this system since January 1, 2005.
