Trump Imposes New Tariffs on India
(MENAFN) US President Donald Trump has declared that India will be subjected to 25% tariffs and supplementary sanctions beginning next month due to its ongoing commerce with Russia.
This decision follows a prior ten-day ultimatum Trump gave to Russia to secure a peace agreement with Ukraine.
Sharing his thoughts via his Truth Social platform on Wednesday, Trump emphasized that “India is our friend,” but also pointed out that the US engages in “relatively little business with them.”
He further highlighted that New Delhi has persisted in purchasing defense systems and energy resources from Russia during the hostilities 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,” Trump stated.
Back in March, the US had already introduced 26% duties on Indian exports as part of Trump’s ‘Liberation Day’ tariff initiative.
These levies targeted aluminum, steel, and related merchandise, although they were later temporarily lifted.
Responding to these developments, Indian officials affirmed that they would only consider a trade pact with the US from a position of power, refusing to engage under imposed timelines or use trade as a “negotiation tool.”
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
