Trump announced that from August 1, 25% tariffs will be imposed on Indian products, and an "additional fine" will be added if buying Russian oil

AFP, Washington, Wednesday (July 30), US President Trump announced on his social media platform Truth Social that from August 1, Indian products entering the US will face a 25% tariff, and he added that purchasing Russian oil will also incur an additional "fine."

According to AFP, in a post on Truth Social, Trump explained: "Our trade with them (India) is minimal because their tariffs are the highest in the world, and non-tariff barriers are also very exhausting and annoying."

The White House owner emphasized: "We have a huge trade deficit with India!"

Additionally, Trump pointed out that India "like China, has purchased most of its military equipment from Russia, and is a major customer for Russian oil, and everyone hopes Russia stops killing in Ukraine."

In Trump's view, this situation "needs to be fined," which will be an additional cost outside the 25% tariff, also taking effect on August 1, with specific details yet to be announced.

The new tariffs on Indian products are reduced by one percentage point compared to the initially announced 26% in early April. At that time, Trump inaccurately described these tariffs as "reciprocal."

Last Tuesday, the US president had hinted at the imposition of tariffs, stating that tariffs on "Made in India" products could range between 20% and 25%, but added that a deal was still possible.

New Delhi and Washington have been negotiating a trade agreement for months, but so far no results have been achieved, mainly because India is unwilling to fully open its market to American agricultural products.

The tariffs announced by US President Trump in early April were first postponed for 90 days until early July, and then again postponed to August 1.

AFP mentioned that this time, Trump assured on Truth Social that there will be no more delays, and these additional taxes will take effect officially.

Currently, these tariffs are expected to range from 10% (the minimum threshold for all products entering the US) to 50% (for Brazilian products).

Tariffs on products from the EU and Japan are expected to be 15%.

Original: https://www.toutiao.com/article/1839087220773896/

Statement: This article represents the personal views of the author.