US Tariffs
Trump announces 25 percent tariff on India, new rate to be implemented from August 1
US President Donald Trump on Wednesday announced India will pay 25 percent tariffs from August 1.
In his Truth Social post, Trump said: "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country."
He further said: "Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!"
Trump announced that apart from the tariffs, India will also need to pay a penalty.
However, he did not mention the amount India need to pay as a penalty.
"INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!" he said.
Trump said the US has a massive trade deficit with India.
He announced the tariff rate days after days of suspense over it.
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