Trump says imposing 25% tariff on Indian imports
'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, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,' Trump said. He also posted in an allcaps message that the United States has a 'massive' trade deficit with India.
He added that India has '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.'
Trump did not specify what the penalty he referred to for Russia trade will be.
The measure comes as the 79-year-old Republican has signaled 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 effect Russia because obviously he wants to keep the war going.'
India, the world's most populous country, was one of the first few major economies to engage Washington in broader trade talks.
But six months later, Trump's sweeping demands and India's reluctance to fully open its agricultural and dairy sectors have so far prevented New Delhi from sealing a deal that would shield it from punitive tariffs.
On Tuesday, Trump had said India could face a 20-25% rate since a trade deal had not been finalized. The announced tariffs will mark a huge leap from the current 10% baseline tariff on Indian shipments to the United States.
Trump has set out to upend the global economy by trying to leverage US economic power to squeeze trading partners with tariffs and force foreign companies to move to the United States.
Complex talks are underway with the European Union, China, Canada and other big partners.
Trump has threatened to hit dozens of other countries with stiffer tariffs from this Friday unless they reach trade deals.
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