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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.”
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.”
https://www.yahoo.com/news/articles/trump-announces-25-tariff-india-122406859.html