Trump announces 25% tariff on India plus penalties for buying Russian energy
He added that India buys military equipment and oil from Russia, which Mr Trump said has enabled the war in Ukraine.
As a result, he intends to charge an additional 'penalty' starting on Friday as part of revised tariffs on multiple countries.
The announcement came after a series of negotiated trade frameworks with the European Union, Japan, the Philippines and Indonesia — all of which Mr Trump 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 he 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 the costs of the taxes are passed along to domestic businesses and consumers.
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.
When Mr Trump met Indian Prime Minister Narendra Modi in February, the US president said India would start buying American oil and natural gas.
He discussed his policies on trade and tariffs with reporters accompanying him on Tuesday on the flight home after a five-day visit to Scotland.
He declined to comment then about reports that India was bracing for a US tariff rate of at least 25%, saying: 'We're going to see.'
Mr Trump also said the outlines of a trade agreement with India had not yet been finalised.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Channel 4
20 minutes ago
- Channel 4
Trump orders nuclear subs to be repositioned ‘closer to Russia'
President Trump has ordered two nuclear submarines to move closer towards Russia. He said he had to act after a former Russian President made 'highly provocative' statements on social media. Dmitry Medvedev had warned the US President that his ultimatum over Ukraine was a 'step towards war' reminding him about Russia's nuclear capabilities. It comes as senior Republicans condemn President Trump over his decision to sack the head of the US Bureau of Labor Statistics after disappointing employment figures.
The Independent
an hour ago
- The Independent
Photos from a street festival of circus performers in the Russian town of Staritsa
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference.
Daily Mirror
an hour ago
- Daily Mirror
Donald Trump made a major change to the White House and people are furious
During his first Presidency, Trump was reported to have complained that the White House is not to his taste - allegedly branding it "a real dump". Now he's decided to make some changes People are venting their fury at a major change Donald Trump has made to the White House. During his first Presidency, Trump was reported to have complained that the White House is not to his taste - allegedly branding it "a real dump". So this time around he's decided to make some changes. The first and most obvious change was the lashings of gold he applied to the Oval Office. He also added a pair of enormous mirrors to the walls of the most famous office in the world. But he's long threatened to make more permanent changes to the 'People's House'. And the first step of that renovation has been unveiled. He's paved over the world famous White House Rose Garden. The garden has remained more or less the same since 1961 when it was redesigned by Rachel Lambert Mellon during John F Kennedy's administration. Melania Trump made some tweaks to it in 2020, but nothing huge. But this time round it's a different story. Trump has replaced the entire lawn with a long, grey patio of paving stones. The corners of the patio are decorated with the Seal of the President. And someone thought it would be appropriate to make the drain holes in the shape of the American flag. It's fair to say the change has not been warmly received. Four Seasons Total Landscaping - where Rudy Giuliani held a deeply weird press conference by mistake the day Trump lost the 2020 election - is particularly unimpressed. The Republicans Against Trump Twitter account was similarly fuming. But Trump isn't going to stop there. New images have emerged of his plan to tack an enormous, gaudy ballroom onto the East Wing. And it looks remarkably like the one in his Mar A Lago club in Florida. Funny thing, Mar A Lago also has a patio, where Trump is very fond of holding court with guests and hangers on. Trump for months has been promising to build a ballroom, saying the White House doesn't have space big enough for large events and scoffing at the notion of hosting heads of state and other guests in tents on the lawn as past administrations have done for state dinners attended by hundreds of guests. The East Room, the largest room in the White House, can accommodate about 200 people. Trump said he's been planning the construction for some time. "They've wanted a ballroom at the White House for more than 150 years but there's never been a president that was good at ballrooms," Trump told reporters Thursday. "I'm good at building things and we're going to build quickly and on time. It'll be beautiful, top, top of the line." He said the new ballroom would not interfere with the mansion itself. "It'll be near it but not touching it and pays total respect to the existing building, which I'm the biggest fan of," he said of the White House. "It's my favorite. It's my favorite place. I love it." Trump said the ballroom will serve administrations to come. "It'll be a great legacy project," he said. "I think it will be really beautiful." The 90,000-square-foot ballroom will be built where the East Wing sits with a seated capacity of 650 people. The East Wing houses several offices, including the first lady's. Those offices will be temporarily relocated during construction and that wing of the building will be modernized and renovated, said White House press secretary Karoline Leavitt. "Nothing will be torn down," she said. White House chief of staff Susie Wiles said the president and his White House are "fully committed" to working with the appropriate organizations to preserve the mansion's "special history." "President Trump is a builder at heart and has an extraordinary eye for detail," Wiles said in a statement. Get Donald Trump updates straight to your WhatsApp! As the world attempts to keep up with Trump's antics, the Mirror has launched its very own US Politics WhatsApp community where you'll get all the latest news from across the pond. We'll send you the latest breaking updates and exclusives all directly to your phone. Users must download or already have WhatsApp on their phones to join in. All you have to do to join is click on this link, select 'Join Chat' and you're in! We may also send you stories from other titles across the Reach group. We will also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose Exit group. If you're curious, you can read our Privacy Notice. Leavitt said at her briefing Thursday that Trump and other donors have committed to raising the approximately $200 million in construction costs. She did not name any of the other donors. The president chose McCrery Architects, based in Washington, as lead architect on the project. The construction team will be led by Clark Construction. Engineering will be provided by AECOM. Trump also has another project in mind. He told NBC News in an interview that he intends to replace what he said was a "terribly" remodelled bathroom in the famous Lincoln Bedroom with one that is closer in style to the 19th century.
