Tariffs as high as 25 %: Trump's bombshell on India trade ahead of August 1 deadline
PTC News Desk: Ahead of the August 1 deadline of US-India trade, US President has dropped a bombshell citing that the deal has not been finalised yet and threatened to impose reciprocal tariffs. Trump said discussions are ongoing and hinted that India could face import duties as high as 25% if talks do not reach agreement.
"(They will pay) 25%," said the US president, who spent the last few days in Scotland, where he played golf and held working meetings.
"India trade deal not been finalised." When asked about the possibility of tariffs ranging from 20% to 25%, Trump responded, "Yeah, I think so. India is my friend. They ended the war with Pakistan at my request... The deal with India is not finalised. India has been a good friend, but India has charged basically more tariffs than almost any other country."
Earlier, Trump had reiterated that both the nations are close to striking a deal. Meanwhile according to Reuters reports, New Delhi is gearing up for potential US tariffs on selected exports expected to range between 20% and 25% -- if a deal is not finalised by the deadline.
However, instead of slipping into new concession, India mulling to restart trade negotiations with US after its delegation visits in mid-August.
- With inputs from agencies
