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Trump Announces 25% Tariff On India, 'Plus A Penalty' For Ties With Russia
(MENAFN- AsiaNet News)
President Donald Trump on Wednesday said India will face a 25% tariff plus an additional penalty starting August 1, citing high trade barriers and close ties with Russia.
In a post on Truth Social, Trump called India's tariffs“among the highest in the world” and criticized its purchases of Russian energy and military equipment.“India will therefore be paying a tariff of 25%, plus a penalty,” he wrote.
The move escalates trade tensions just days ahead of Trump's August 1 deadline for global tariff enforcement. India has not yet responded.
His comments come shortly after he asserted that the August 1 deadline would not be extended.
Get updates to this developing story <directly on Stocktwits.
Read also: Trump Asserts August 1 Deadline – 'It Stands Strong, And Will Not Be Extended'
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