US President Donald Trump on Wednesday announced a 25 per cent tariff on Indian exports effective from August 1, citing New Delhi’s high trade tariff barriers as the reason for the move.
Trump announced the decision on Truth Social, his social media platform. He said the decision also comes with a penalty on India for buying military equipment and energy from Russia.
Pointing out ‘All Things Not Good with India’, Trump in his post said, “Also, they have always bought a vast majority of their military equipment from Russia.”
“At a time when everyone wants Russia to STOP THE KILLING IN UKRAINE, China, along with India, are the largest buyers of Energy from the Kremlin”
However, Trump also called India a friend and argued that New Delhi’s high tariffs are the reason behind the low trade volume between the two countries.
“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,” he declared.
“India has the most strenuous and obnoxious non-monetary Trade Barriers of any Country,” he further added.
India and the US are currently negotiating a trade deal, and were likely to finalise a mini-deal before Trump’s deadline of August 1.
However, due to differences on key issues like agricultural products, pharma and dairy products, the deal couldn’t have been concluded. The sixth round of deliberations is likely to take place in New Delhi in August end.
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