US President Donald Trump on Wednesday not only announced tariffs as high as 25% on India, but he also added a “penalty” against the country.
The penalty measure is that the tariffs will come into effect immediately from Aug. 1. This is expected to have an impact on Indian exporters selling goods in the world’s largest economy.
The move also comes as a surprise as a section of analysts were expecting reprieve for India, as the trade deal negotiations between Washington and New Delhi have reached an advanced stage and are currently underway.
“India will therefore be paying a tariff of 25%, plus a penalty for the above, starting on August 1,” Trump posted on his social media platform Truth Social.
“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 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! (sic),” the US President added.
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