US President Donald Trump announced that Indian imports will face a 25 percent tariff starting August 1, and that there will also be a “penalty” for purchasing military equipment and oil from Russia.
“We have little trade with them because their tariffs are among the highest in the world and their non-tariff barriers are the most detestable,” Trump said Wednesday at Truth Social.
“We have a gigantic trade deficit with India!” the president claimed.
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Trump also noted that India has purchased most of its military equipment from Russia and is among the top buyers of Russian oil, “at a time when the world wants Russia to stop killing in Ukraine.”
And this, according to the president, justifies an additional “penalty” to the 25 percent tariff, which he did not specify.
The 25 percent rate announced Wednesday is just one percentage point lower than the 26 percent rate he had projected for India in April.
Source: oem
