Trump Says India May Pay 20% to 25% Tariff But Not Yet Final
President Donald Trump said that India may be hit with a tariff rate of 20% to 25% but cautioned the final levy had still not been finalized as the two countries negotiate on a trade deal ahead of an Aug. 1 deadline.
“I think so,” Trump told reporters Tuesday when asked if that was a possible tariff rate for New Delhi.
“India has been a good friend, but India has charged basically more tariffs than almost any other country,” Trump said aboard Air Force One as he returned to Washington from a five-day visit to Scotland. “You just can’t do that.”
The president was commenting ahead of an Aug. 1 deadline when a slew of so-called reciprocal tariffs are set to take effect on dozens of trading partners. Trump announced higher levies in April, before pausing those tariffs at a reduced 10% rate to allow time for negotiations. Despite an extended deadline, Trump has only secured a handful of deals.
US Trade Representative Jamieson Greer said Monday that the US needed more time for talks with India to gauge the country’s willingness to open its market more to American exports.
Reuters reported earlier Tuesday that New Delhi is bracing for higher tariffs likely between 20% and 25%.
Source : Bloomberg
