Trump Threatens India With Steep Tariffs, Including ‘Penalty' Over Russian Oil
A 25 percent tariff would be just one percentage point lower than what the president threatened India with on April 2, when he announced plans for sweeping tariffs on dozens of countries. It's also significantly higher than the rates Mr. Trump has settled on for other Asian nations like Indonesia, the Philippines, Vietnam and Japan — all of which have been 20 percent or less.
In recent years, some companies have been moving factories out of China to India, making it a base of production for electronics, pharmaceuticals and other products for the U.S. market. Industry analysis shows that this year India is making more smartphones than China, or any other country. But if a 25 percent tariff were to apply long term, that could encourage businesses to set up export operations in other Asian countries instead.
'WE HAVE A MASSIVE TRADE DEFICIT WITH INDIA,' Mr. Trump wrote on Truth Social. He followed quickly with another post, saying that the United States had done 'relatively little business' with India over the years 'because their Tariffs are far too high.'
Mr. Trump also criticized India's economic ties with Moscow, saying it was 'Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE.'
The announcement comes as the Trump administration prepares to finalize higher tariffs on many countries globally as of Friday. On Wednesday, Mr. Trump wrote that the deadline 'STANDS STRONG, AND WILL NOT BE EXTENDED.'
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