Washington: President Donald Trump says he’ll impose a 25 per cent tariff on goods from India, plus an additional import tax because of India’s purchasing of Russian oil.
Trump said on Truth Social on Wednesday that India “is our friend” but its “Tariffs are far too high” on U.S. goods.
The Republican president added that India buys military equipment and oil from Russia, which Trump said has enabled the war in Ukraine. As a result, he intends to charge an additional “penalty” starting on Friday as part of the launch of the administration’s revised tariffs on multiple countries.
Trump added that India buys military equipment and oil from Russia, which he said has enabled Moscow’s war in Ukraine. As a result, he intends to charge an additional “penalty” starting on Friday as part of the launch of his administration’s revised tariffs on multiple countries.
The Census Bureau reported that the U.S. ran a $45.8 trade imbalance in goods with India last year, meaning it imported more than it exported.
At a population exceeding 1.4 billion people, India is the world’s largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine.
When Trump in February met with Indian Prime Minister Narendra Modi, the U.S. president said that India would start buying American oil and natural gas.
Trump discussed his policies on trade and tariffs with reporters accompanying him Tuesday on the flight home following a five-day visit to Scotland. He declined to comment then when asked about reports that India was bracing for a U.S. tariff rate of at least 25%, saying, “We’re going to see.”
Trump also said the outlines of a trade agreement with India had not yet been finalised.
