Trump says US to impose 25% tariff on India from Aug 1
US President Donald Trump said on Wednesday that United States will impose a 25% tariff on goods imported from India starting on August 1. Trump said India will also face an unspecified penalty on August 1, but he did elaborate on the amount or what it was for.
"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," Trump wrote in a Truth Social post.
"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!"
India's commerce ministry, which is leading the trade negotiations with the US, did not immediately respond to a request for the comment.
Read More: Trump to India: Trade deal by Aug 1 or face tariffs
Earlier, US President Donald Trump said a trade deal with India has yet to be finalised and warned of possible higher tariffs ahead of an August 1 deadline to seal an agreement.
His comments followed a Reuters report that India was preparing to accept higher tariffs of 20%-25% on its exports to the US in the absence of a trade deal, as it holds off on offering fresh concessions ahead of Friday's deadline.
"India has been a good friend, but India has charged more tariffs, almost more than any other country," Trump told reporters aboard Air Force One on Tuesday, adding that it would come to an end.
Asked about the Reuters report, Trump said a trade deal had not been finalised and India could face steeper tariffs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
21 minutes ago
- Business Recorder
Palm oil climbs on bargain buying, improved export hopes
KUALA LUMPUR: Malaysian palm oil futures rose on Tuesday as bargain buying and stronger Dalian palm olein supported the market, while traders expect improved export data for the first half of August. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 71 ringgit, or 1.7%, at 4,258 ringgit ($1,007.81) a metric ton at the midday break. The contract fell 1.37% in the previous session. Bargain buying supported prices across the board while Dalian palm olein recovered from yesterday's lows, a Kuala Lumpur-based trader said. 'The market will also be looking for improvement in export figures in the first half of August,' the trader added. Dalian's most-active soyoil contract rose 0.92%, while its palm oil contract added 1.72%. Soyoil prices on the Chicago Board of Trade were down 0.09%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. India's palm oil imports fell in July on contract cancellations, while soyoil shipments to the country surged to a three-year high due to competitive prices and the delivery of delayed shipments from June, five dealers said. Malaysia's palm oil inventories are forecast to rise for a fifth consecutive month in July to reach their highest level in almost two years, as production growth outpaced exports, a Reuters survey showed. Oil prices were flat after declining for three days, as mounting oversupply concerns weighed on the market following OPEC+'s agreement to a large output increase in September. However, the potential for further Russian supply disruptions supported the market. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.24% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies. Palm oil may bounce to 4,273 ringgit per metric ton as it has broken resistance at 4,211 ringgit, Reuters technical analyst Wang Tao said.
Business Recorder
an hour ago
- Business Recorder
PSX extends bull run, KSE-100 gains nearly 900 points
Buying rally continued at the Pakistan Stock Exchange (PSX) amid continued investor optimism, with the benchmark KSE-100 Index gaining nearly 900 points during the opening hours of trading on Tuesday. At 10:35am, the benchmark index was hovering at 142,927.87 level, an increase of 875.23 points or 0.62%. Index-heavy sectors, including automobile assemblers, commercial banks, cement, fertiliser and OMCs traded in the green. Index-heavy stocks, including SNGPL, WAFI, INDU, MCB, MEBL and UBL, traded in the green. On Monday, the PSX closed on a bullish note. Strong corporate developments, expectations of robust earnings across key sectors, and sustained investor optimism drove the rally. The benchmark KSE-100 Index surged by 1,017 points or 0.72% to settle at a historic high of 142,052.65. Globally, shares in Asia rose for a second consecutive session, and the US dollar held most of its losses on Tuesday as investors increased bets the Federal Reserve will act to prop up the world's largest economy. US shares rallied on Monday on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday. Oil remained lower after output increases by OPEC+ and threats by US President Donald Trump to raise tariffs on India over its Russian petroleum purchases. Japan's Nikkei rallied, with data showing a jump in the nation's service sector activity in July. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6% in early trade. The Nikkei climbed 0.5% after falling by the most in two months on Monday. Odds for a September rate cut now stand at about 94%, according to CME Fedwatch, from a 63% chance seen on July 28. Market participants see at least two quarter-point cuts by the end of this year. This is an intra-day update
Business Recorder
an hour ago
- Business Recorder
PSX extends bull run, KSE-100 gains nearly 700 points
Buying rally continued at the Pakistan Stock Exchange (PSX) amid continued investor optimism, with the benchmark KSE-100 Index gaining nearly 700 points during the opening hours of trading on Tuesday. At 10:15am, the benchmark index was hovering at 142,728.50 level, an increase of 675.86 points or 0.48%. Index-heavy sectors, including automobile assemblers, commercial banks, cement, fertiliser and OMCs traded in the green. Index-heavy stocks, including SNGPL, WAFI, INDU, MCB, MEBL and UBL, traded in the green. On Monday, the PSX closed on a bullish note. Strong corporate developments, expectations of robust earnings across key sectors, and sustained investor optimism drove the rally. The benchmark KSE-100 Index surged by 1,017 points or 0.72% to settle at a historic high of 142,052.65. Globally, shares in Asia rose for a second consecutive session, and the US dollar held most of its losses on Tuesday as investors increased bets the Federal Reserve will act to prop up the world's largest economy. US shares rallied on Monday on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday. Oil remained lower after output increases by OPEC+ and threats by US President Donald Trump to raise tariffs on India over its Russian petroleum purchases. Japan's Nikkei rallied, with data showing a jump in the nation's service sector activity in July. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6% in early trade. The Nikkei climbed 0.5% after falling by the most in two months on Monday. Odds for a September rate cut now stand at about 94%, according to CME Fedwatch, from a 63% chance seen on July 28. Market participants see at least two quarter-point cuts by the end of this year. This is an intra-day update
