Description
WASHINGTON (TNND) — President Donald Trump announced Wednesday that he will impose a 25% tariff on goods from India, along with an additional import tax due to the country buying Russian energy.
"Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high," Trump wrote on Truth Social.
Trump added that India buying military equipment and energy from Russia enables the war in Ukraine, resulting in a "penalty" starting on Friday.
"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!," the president said. "INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST."
In February, Indian Prime Minister Narenda Modi met with Trump at the White House and said his country would start buying American oil and natural gas.
"We're going to make tremendous amounts of electricity available, we're going to let the people that are buying the electricity make their own electric plants, electric generation plants. And we've never done this in our country, but we're going to get it done very quickly," Trump said. "It will be, hopefully, their number one supplier in the groundbreaking development for us."
After months of delays and extensions, Trump's tidal wave of universal tariffs – some as high as 50% – will hit imports on Aug. 1. Earlier this month, Trump started sending out letters informing trading partners of these new tariff levels.
Just five trading partners: Japan, Vietnam, the UK, the Philippines and Indonesia have reached negotiated trade deals with Trump.
A few months ago, members of the White House economic team suggested they could reach 90 deals in 90 days. About two dozen other countries have received letters informing them that their products will be taxed at rates ranging between 25% and 50%, respectively.
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Editor's note: The National News Desk's Ahtra Elnashar contributed to this article.
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