By Admin 
US President Donald Trump has announced on Wednesday to impose an additional 25 percent punitive tariff from Russia, which will be applicable from August 27, which will be implemented from August 27. The move has launched a new debate on global trading strategies, especially with countries that are importing a large amount of energy products from Russia. There was a time when the European Union used to be the largest buyer of Russian oil, but now it has been replaced by Asian countries like China, India and Türkiye. Asia has become the largest market of crude oil from Russia after the restrictions imposed by the European Union.
After EU now Asia big buyers
Currently, China buys about $ 219.5 billion energy (oil, gas and coal) from Russia, while India imports around $ 133.4 billion and Türkiye about $ 90.3 billion. Apart from this, some European countries like Hungary are still buying limited amounts of Russian oil through the pipeline. Despite the sanctions of America and European countries, there has been no significant decrease in income from Russia’s oil.
According to Kiev School of Economics, Russia has earned $ 12.6 billion by selling oil in June itself, and in 2025, there is a possibility of an income of $ 153 billion. These figures show that despite the economic sanctions imposed on Russia, its energy exports have a limited impact and the Asian markets remain its economic backbone ..
Why better India’s situation?
Despite US President Donald Trump imposing 25 percent tariffs on India, India’s position remains better than China. The Trump administration has imposed 30 percent tariff on goods imported from China, while only 20 percent tariffs have been imposed on imports from Vietnam. Vietnam will have competition between the products of both countries in the US market due to lower tariffs than India. Meanwhile, Fitch Ratings have recently updated the interactive tool “Effective Tariff Rate (ETR) monitor” that monitors its tariff policy.
According to this, the average effective tariff rate of America has now increased to 17 percent, which is 2 percent more than the previous year. China’s ETR has been recorded at 41.4 percent (which was 10.7 percent earlier) among the major trade partners of the US, while India’s ETR is more than 21 percent, making it in a relatively better position than China.
At the ETR, an effective tariff rate, it can be understood how the real impact of the tariff imposed on a country has on business and economic strategies. According to Lecturer Liao U at Rainmin University, China, his “Make America Great Again” agenda has taken more aggressive form in Trump’s second term. Liao says that supporters of this ideology believe that free trade has damaged America and China is specially held responsible for this. In the coming times, China may face even more serious tariff war, although Trump’s ‘US First’ policy can also lead to strategic opportunity for China due to the weakening of the US’s traditional alliance.