US President Donald Trump on Wednesday said that India will pay a tariff of 25% from Aug. 1 in a post on Truth Social. He also added that India will pay a penalty for its purchases of Russian military equipment and Russian energy.
Here is the full statement:
"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 (sic)," Trump said in his post on Truth Social.
In another post on the social media platform, Trump added that US have a massive trade deficit with India.
Trump on Monday had announced that the trading partners with no trade deals by Aug. 1 would face tariffs of 15% to 20% on their exports to US.
India and the US have been locked in negotiations for an interim trade agreement for months. Despite multiple rounds of discussions in recent months, a mini or an interim trade agreement has remained elusive.
While both sides had signaled an agreement is close, the negotiators could not finalise the pact before the Aug. 1 deadline. A Reuters report on Tuesday, citing sources, said the trade pact could be finalised by September-October.
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