‘Will know at the end of the week…’: After 25% tariff move, Donald Trump says talking to India; signals ‘anti-US’ group BRICS a factor
Trump has announced a 25% tariff rate on India, also warning of additional penalties for India’s continued trade with Russia for arms and crude oil. (AI image)
US President Donald Trump has said that America is in talks with India for a trade deal and the latter’s BRICS membership is also a factor to consider. Trump said that India is willing to cut tariffs ‘very substantially’. He added, “…you will know at the end of this week.”Earlier in the day Trump had announced a 25% tariff rate on India, also warning of additional penalties for India’s continued trade with Russia for arms and crude oil.Asked about tariffs announced on India, and the additional penalty proposed, Trump said, “We are negotiating right now and it’s also BRICS. BRICS, which is basically a group of countries that are anti the United States and India is a member of that…It is an attack on the dollar and we are not going to let anybody attack the dollar. So it’s partially BRICS and it’s partially trade…We had a tremendous deficit.”Trump added, “Prime Minister Modi is a friend of mine, but they don’t do very much business in terms of business with us. They sell a lot to us, but we don’t buy from them…Because the tariff is so high. They have one of the highest tariffs in the world. Now, they are willing to cut it very substantially. But we will see what happens.” “We are talking to India now. We will see what happens. It doesn’t matter too much whether we have a deal or we charge them a certain tariff. But you will know at the end of this week…,” he said.
Trump’s 25% Tariff announcement
Trump posted on Truth Social that India would face 25% tariff effective August 1 and an additional penalty for trade with Russia. “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. 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!”Kevin Hassett, the White House economic adviser, indicated that Trump has expressed dissatisfaction regarding the advancement in relations with India. Trump is of the view that implementing a 25% tariff would resolve the matter favourably for America.
