WASHINGTON: US President Donald Trump said on Wednesday that United States will impose a 25 per cent tariff on goods imported from India starting on Aug 1.
While announcing his decision, Trump cited “far too high” Indian tariffs and “obnoxious non-monetary Trade Barriers as the reason.
“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,” Trump wrote in a post on Truth Social.
TARIFFS PLUS PENALTY
Meanwhile, the US president said India will also face an unspecified penalty on Aug 1, but he did elaborate on the amount or what it was for.
“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’s commerce ministry, which is leading the trade negotiations with the U.S., did not immediately respond to a request for the comment.
It’s a developing story. Details to follow