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Yahoo
16 hours ago
- Business
- Yahoo
Trump announces 25% tariff on India and unspecified penalties for buying Russian oil
WASHINGTON (AP) — The United States will impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil, President Donald Trump said Wednesday. The new tariffs were part of a flurry of trade activity that included a series of executive actions regarding Brazil, copper and shipments of goods worth less than $800, as well as a reduced 15% tax on imports from South Korea, including its autos. It was all a prelude to Friday when Trump's new tariff regime is scheduled to start, an event the White House has portrayed as a testament to Trump's negotiating skills even as concerns persist about the taxes hurting growth and increasing inflationary pressures. India 'is our friend,' Trump said on his Truth Social platform announcing the taxes, but its tariffs on U.S. products 'are far too high.' The Republican president added India buys military equipment and oil from Russia, enabling Moscow's war in Ukraine. As a result, he intends to charge an additional 'penalty' starting on Friday as part of the launch of his administration's revised tariffs on multiple countries. Trump told reporters on Wednesday the two countries were still in the middle of negotiations on trade despite the tariffs slated to begin in a few days. 'We're talking to India now," the president said. "We'll see what happens.' The Indian government said Wednesday it's studying the implications of Trump's tariffs announcement. India and the U.S. have been engaged in negotiations on concluding a 'fair, balanced and mutually beneficial' bilateral trade agreement over the last few months, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement. Trump on Wednesday also signed separate orders to tax imports of copper at 50% and justify his 50% tariffs on Brazil due to their criminal prosecution of former President Jair Bolsonaro and treatment of U.S. social media companies. Trump also signed an order saying that government now had the systems in place to close the tariff loophole on 'de minimis' shipments, which had enabled goods priced under $800 to enter America duty-free, largely from China. The South Korea agreement will impose a 15% tariff, instead of the 25% Trump had threatened. South Korea would also buy $100 billion in energy resources from the U.S. and provide $350 billion for 'investments owned and controlled by the United States, and selected by myself, as president,' Trump said. There is also an agreement with Pakistan that includes the development of its oil reserves. Meanwhile, Treasury Secretary Scott Bessent briefed Trump on trade talks with China. Trump's view on tariffs Trump's announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which he said would open markets for American goods while enabling the U.S. to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs. While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in U.S. growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers. There's also the possibility of more tariffs coming on trade partners with Russia as well as on pharmaceutical drugs and computer chips. Kevin Hassett, director of the White House National Economic Council, said Trump and U.S. Trade Representative Jamieson Greer would announce the Russia-related tariff rates on India at a later date. Tariffs face European pushback Trump's approach of putting a 15% tariff on America's long-standing allies in the EU is also generating pushback, possibly causing European partners as well as Canada to seek alternatives to U.S. leadership on the world stage. French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe 'does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the U.S. will continue as the agreement gets formalized. 'To be free, you have to be feared,' Macron said. 'We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.' Seeking a deeper partnership with India Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. When Trump in February met with Modi, the U.S. president said that India would start buying American oil and natural gas. The new tariffs on India could complicate its goal of doubling bilateral trade with the U.S. to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While U.S. has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country's population for livelihood, Indian officials said. The Census Bureau reported that the U.S. ran a $45.8 billion trade imbalance in goods with India last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the world's largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. The new tariffs could put India at a disadvantage in the U.S. market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organisations. 'We are back to square one as Trump hasn't spelled out what the penalties would be in addition to the tariff,' Sahai said. 'The demand for Indian goods is bound to be hit.' ___ Roy reported from New Delhi. Associated Press writers Samuel Petrequin in Paris, and Darlene Superville and Seung Min Kim in Washington contributed to this report. Josh Boak And Rajesh Roy, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fast Company
a day ago
- Business
- Fast Company
Trump sets 25% tariff on India and penalties for trade with Russia
The United States will impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil, President Donald Trump said Wednesday. India 'is our friend,' Trump said on his Truth Social platform, but its tariffs on U.S. products 'are far too high.' The Republican president added India buys military equipment and oil from Russia, enabling Moscow's war in Ukraine. As a result, he intends to charge an additional 'penalty' starting on Friday as part of the launch of his administration's revised tariffs on multiple countries. Trump told reporters on Wednesday the two countries were still in the middle of negotiations on trade despite the tariffs slated to begin in a few days. 'We're talking to India now,' the president said. 'We'll see what happens.' The Indian government said Wednesday it's studying the implications of Trump's tariffs announcement. India and the U.S. have been engaged in negotiations on concluding a 'fair, balanced and mutually beneficial' bilateral trade agreement over the last few months, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement. Trump's view on tariffs Trump's announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which he said would open markets for American goods while enabling the U.S. to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs. While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in U.S. growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers. There's also the possibility of more tariffs coming on trade partners with Russia as well as on pharmaceutical drugs and computer chips. Kevin Hassett, director of the White House National Economic Council, said Trump and U.S. Trade Representative Jamieson Greer would announce the Russia-related tariff rates on India at a later date. Tariffs face European pushback Trump's approach of putting a 15% tariff on America's long-standing allies in the EU is also generating pushback, possibly causing European partners as well as Canada to seek alternatives to U.S. leadership on the world stage. French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe 'does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the U.S. will continue as the agreement gets formalized. 'To be free, you have to be feared,' Macron said. 'We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.' Seeking a deeper partnership with India Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. When Trump in February met with Modi, the U.S. president said that India would start buying American oil and natural gas. The new tariffs on India could complicate its goal of doubling bilateral trade with the U.S. to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While U.S. has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country's population for livelihood, Indian officials said. The Census Bureau reported that the U.S. ran a $45.8 billion trade imbalance in goods with India last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the world's largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. The new tariffs could put India at a disadvantage in the U.S. market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organisations. 'We are back to square one as Trump hasn't spelled out what the penalties would be in addition to the tariff,' Sahai said. 'The demand for Indian goods is bound to be hit.'
Arab News
a day ago
- Business
- Arab News
Trump announces 25 percent tariff on India and unspecified penalties for buying Russian oil
WASHINGTON: The United States will impose a 25 percent tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil, President Donald Trump said Wednesday. India 'is our friend,' Trump said on his Truth Social platform, but its tariffs 'are far too high' on US products. The Republican president added India buys military equipment and oil from Russia, enabling Moscow's war in Ukraine. As a result, he intends to charge an additional 'penalty' starting on Friday as part of the launch of his administration's revised tariffs on multiple countries. The Indian government said Wednesday it's studying the implications of Trump's tariffs announcement. India and the US have been engaged in negotiations on concluding a 'fair, balanced and mutually beneficial' bilateral trade agreement over the last few months, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement. Trump's view on tariffs Trump's announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which he said would open markets for American goods while enabling the US to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs. While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in US growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers. There's also the possibility of more tariffs coming on trade partners with Russia as well as on pharmaceutical drugs and computer chips. Kevin Hassett, director of the White House National Economic Council, said Trump and US Trade Representative Jamieson Greer would announce the Russia-related tariff rates on India at a later date. Tariffs face European pushback Trump's approach of putting a 15 percent tariff on America's long-standing allies in the EU is also generating pushback, possibly causing European partners as well as Canada to seek alternatives to US leadership on the world stage. French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe 'does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the US will continue as the agreement gets formalized. 'To be free, you have to be feared,' Macron said. 'We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.' Seeking a deeper parternship with India Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. The Census Bureau reported that the US ran a $45.8 billion trade imbalance in goods with India last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the world's largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. The new tariffs could put India at a disadvantage in the US market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organizations. 'We are back to square one as Trump hasn't spelled out what the penalties would be in addition to the tariff,' Sahai said. 'The demand for Indian goods is bound to be hit.' The new tariffs on India could complicate its goal of doubling bilateral trade with the US to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While US has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country's population for livelihood, Indian officials said. When Trump in February met with Modi, the US president said that India would start buying American oil and natural gas. Trump discussed his policies on trade and tariffs with reporters accompanying him Tuesday on the flight home following a five-day visit to Scotland. He declined to comment then when asked about reports that India was bracing for a US tariff rate of at least 25 percent, saying, 'We're going to see.' Trump also said the outlines of a trade framework with India had not yet been finalized. Once back at the White House on Tuesday, Trump indicated that there were no plans to announce new tariff rates on Wednesday, a claim that turned out to be inaccurate.
South China Morning Post
a day ago
- Business
- South China Morning Post
Trump to impose 25% tariff on India from August 1, adding penalty for Russia ties
US President Donald Trump said on Wednesday that he would impose a 25 per cent tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil. Trump said on social media on Wednesday that India 'is our friend' but its 'Tariffs are far too high' on US goods. The Republican president added that India buys military equipment and oil from Russia, which Trump said had enabled the war in Ukraine. As a result, he intended to charge an additional 'penalty' starting on Friday as part of the launch of the administration's revised tariffs on multiple countries. Trump did not specify what the penalty he referred to for Russian trade will be. The measure comes as the 79-year-old Republican has signalled he intends to tighten US pressure on Moscow to halt fighting in Ukraine and negotiate a peace deal. On Tuesday, Trump said he was giving Russian President Vladimir Putin 10 days – which would mean the end of next week – to change course in Ukraine or face unspecified punishment. 'We're going to put on tariffs and stuff,' he said, but 'I don't know if it's going to affect Russia because obviously he wants to keep the war going.'
Yahoo
a day ago
- Business
- Yahoo
Trump announces 25% tariff on India and unspecified penalties for buying Russian oil
WASHINGTON (AP) — President Donald Trump said Wednesday that he'll impose a 25% tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil. Trump said on his Truth Social platform that India 'is our friend' but its 'Tariffs are far too high' on U.S. goods. The Republican president added that India buys military equipment and oil from Russia, which he said has enabled the war in Ukraine. As a result, he intends to charge an additional 'penalty' starting on Friday as part of the launch of his administration's revised tariffs on multiple countries. The new tariffs could put India at a disadvantage in the U.S. market relative to Vietnam, Bangladesh and, possibly, China, said Ajay Sahai, director general of the Federation of Indian Export Organisations. 'We are back to square one as Trump hasn't spelled out what the penalties would be in addition to the tariff," Sahai said. 'The demand for Indian goods is bound to be hit.' The announcement comes after a slew of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which Trump said would open markets for American goods while enabling the U.S. to raise tax rates on imports. The president views tariff revenues as a way to help offset the budget deficit increases tied to his recent income tax cuts and generate more domestic factory jobs. While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in U.S. growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers. Trump's approach of putting a 15% tariff on America's longstanding allies in the EU is also generating pushback — possibly causing European partners as well as Canada to seek alternatives to U.S. leadership on the world stage. French President Emmanuel Macron said Wednesday in the aftermath of the trade framework that Europe 'does not see itself sufficiently' as a global power, saying in a cabinet meeting that negotiations with the U.S. will continue as the agreement gets formalized. 'To be free, you have to be feared,' Macron said. 'We have not been feared enough. There is a greater urgency than ever to accelerate the European agenda for sovereignty and competitiveness.' Washington has long sought to develop a deeper partnership with New Delhi, which is seen as a bulwark against China. Indian Prime Minister Narendra Modi has established a good working relationship with Trump, and the two leaders are likely to further boost cooperation between their countries. The Census Bureau reported that the U.S. ran a $45.8 trade imbalance in goods with India last year, meaning it imported more than it exported. At a population exceeding 1.4 billion people, India is the world's largest country and a possible geopolitical counterbalance to China. India and Russia have close relations, and New Delhi has not supported Western sanctions on Moscow over its war in Ukraine. The new tariffs on India could complicate its goal of doubling bilateral trade with the U.S. to $500 billion by 2030. The two countries have had five rounds of negotiations for a bilateral trade agreement. While U.S. has been seeking greater market access and zero tariff on almost all its exports, India has expressed reservations on throwing open sectors such as agriculture and dairy, which employ a bulk of the country's population for livelihood, Indian officials said. When Trump in February met with Modi, the U.S. president said that India would start buying American oil and natural gas. Trump discussed his policies on trade and tariffs with reporters accompanying him Tuesday on the flight home following a five-day visit to Scotland. He declined to comment then when asked about reports that India was bracing for a U.S. tariff rate of at least 25%, saying, 'We're going to see.' Trump also said the outlines of a trade framework with India had not yet been finalized. Once back at the White House on Tuesday, Trump indicated that there were no plans to announce new tariff rates on Wednesday, a claim that turned out to be inaccurate. __ Roy reported from New Delhi. Samuel Petrequin contributed to this report from Paris. Solve the daily Crossword
