Trump slaps 25% tariffs on India, plus penalty for trading with Russia

US President Donald Trump has announced a 25 per cent plus tariff on India from Aug 1.Trump, describing India as a "friend", said the US has done relatively "little business" with the country because its high tariffs. India's tariffs are far too high, and they have the "most strenuous" and "obnoxious non-monetary trade barriers", he said in a social media post. Trump also said that India will have to pay an additional penalty for buying energy and arms from Russia. The 25% tariff rate announced for India is 1% less than the 26% declared by Trump in his April 2 'Liberation Day' conference. "Also, they have 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 — ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!" he said.

According to Commerce Secretary Howard Lutnick, fresh tariffs would take effect on August 1 for the targeted nations. "So no extensions, no more grace periods. August 1, the tariffs are set. They'll go into place. Customs will start collecting the money, and off we go," Lutnick has said. 
According to a Reuters report, Indian government officials have said that any tariffs the US may impose from August 1 are likely to be temporary in nature since talks are on to finalise a bilateral trade agreement by fall.Trump has repeatedly called for India to open its market to US goods, but the sticky points in the trade deal talks have been agriculture and dairy sectors. India has hardened its stance on these, refusing to open them