Trump slaps 25% tariffs on ‘friend’ India starting August 1, plus ‘penalty’ for ‘buying Russian oil’
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Trump slaps 25% tariffs on ‘friend’ India starting August 1, plus ‘penalty’ for ‘buying Russian oil’
The 25 per cent tariff on India will kick in on Friday, Donald Trump posted on his Truth Social platform. Donald Trump criticised India’s military and oil imports from Russia, saying it has enabled Moscow to continue the war on Ukraine. He did not specify the percentage of the additional penalty the US would be imposing on India. The United States currently has a $45.7 billion trade deficit with India. Earlier in the day, DonaldTrump had hinted at 20-25 per cent tariffs on “friend” India as he went on to accuse New Delhi of charging “highest tariff” on the US than any other country.
In a strongly worded statement, Donald Trump justified the 25 per cent tariff on India, saying while India is a “friend”, it has imposed some of the “highest tariffs” on the United States and maintained “obnoxious” non-monetary trade barriers. Along with the 25 per cent tariff, India will also face an additional “penalty” for buying Russian oil. He, however, did not specify the percentage of the additional penalty the US would be imposing on India.
The 25 per cent tariff on India will kick in on Friday, Donald Trump posted on his Truth Social platform.
‘THINGS NOT GOOD’: WHAT TRUMP SAID ON INDIA Announcing the 25 per cent tariffs on India, Donald 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.”
“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!”
“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!” Donald Trump said.
He further went on to assert that “WE HAVE A MASSIVE TRADE DEFICIT WITH INDIA!!!”
The United States currently has a $45.7 billion trade deficit with India.
Earlier in the day, Donald Trump had hinted at 20-25 per cent tariff on “friend” India as he went on to accuse New Delhi of charging “highest tariff” on the US than any other country as he set the stage for the big move.
Nearly 12 hours later, he announced a 25 per cent tariff and an additional penalty on India.
When asked about the upcoming tariffs on India, Donald Trump had said, “Yeah, I think so. India is my friend. They ended the war with Pakistan at my request…The deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country.”