Trump says India to face 25% tariffs starting August 1, cites penalties for Russian oil purchases

[Economic Tariffs Concept]
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* U.S. President Donald Trump said on Wednesday that India will face a 25% tariff starting August 1.
* He also stated that New Delhi would incur additional penalties over its continued oil and military purchases from Russia amid the ongoing war in Ukraine.
* In a post on Truth Social, Trump noted that despite being friends, India and the US have done relatively little business, and America has a "massive trade deficit" with India.
* On Tuesday, he had suggested a possible 20–25% tariff [https://seekingalpha.com/news/4474001-trump-signals-20-25-tariff-on-india-saying-theyre-my-friends]but noted that no final decision had been made at the time.

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Truth Social

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