The 25 percent fee will apply to all goods from India, alongside an extra import tax because of India’s purchasing of Russian oil.
President Donald Trump announced newly implemented tariffs against India on Wednesday.
A 25 percent tariff will apply to all goods from India, along with an extra import tax because of India’s purchasing of Russian oil.
« 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 on Truth Social on Wednesday morning.Why It Matters
Trump has been levying tariffs against numerous nations, with negotiated trade terms applying to the European Union, Japan, the Philippines and Indonesia.
The administration has pushed for tariffs as a way to navigate the budget deficit amid income tax cuts and to boost domestic manufacturing jobs, but analysts have warned that American consumers will be the ones taking on the price hikes.What To Know
Trump said on Truth Social that since India buys a large amount of military equipment from Russia, India will face the 25 percent tariff and penalty.
« 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! » Trump said Wednesday.
