Trump Tariffs: What's The 'Penalty' On India In Addition To 25% Import Levies
"India will therefore be paying a tariff of 25%, plus a penalty for the above, starting on August 1," Donald Trump announced.
US President Donald Trump on Wednesday not only announced tariffs as high as 25% on India, but he also added a "penalty" against the country.
The penalty will be levied against India for purchasing Russian arms, and being the top buyer of Russian crude oil, Trump said. While his comments indicated that India would be hit with levies in addition to the 25% tariff announced, he did not disclose the exact amount in his statement.
"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! (sic)," the US President said on his social media platform Truth Social.
"India will therefore be paying a tariff of 25%, plus a penalty for the above, starting on August 1," Trump posted.
"Remember, 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," he further added.
