US President Donald Trump on Wednesday announced a 25 percent tariff and additional punitive duty on imports from India. This decision will come into effect from August 1. The President released this notification on his social media platform ‘Truth Social’.
According to President Trump, “India is a friendly nation, but our trade relationship has been relatively limited for years because of high tariffs.” He mentioned that the US currently faces a trade deficit with India.
This proposal has come at a time when negotiations were going on between the two countries on a trade agreement, but no limited agreement could be reached yet.
The President objected to India’s continued import of military equipment and energy from Russia during the Ukraine conflict. “India has traditionally been a recipient of military equipment from Russia and, along with China, is a major importer of Russian energy. This situation is not favorable at a time when the global community is protesting Russian actions in Ukraine,” he said.
He clarified in his message, “For these reasons, India will be imposed with a 25 percent tariff and additional punitive duties, effective from August 1.”
Earlier, Indian Finance Minister Nirmala Sitharaman had noted the positive progress in trade talks with the US last week.
3 Comments
Terrific paintings! That is the kind of information that are supposed to be shared across the net. Shame on Google for no longer positioning this submit upper! Come on over and seek advice from my website . Thank you =)
It’sa shame you don’t have a ddonate button! I’d definitely donate to this brilliant blog!
I suppose for nnow i’ll settle for bookmarking and adding ylur RSS feed
to my Google account.I look forward to new updates and willl talk
abou this website with my Facebook group. Talk soon! https://Glassiuk.wordpress.com/
I have been browsing online greater than three hours these days, yet I by no means found any attention-grabbing article like yours. It is lovely value sufficient for me. In my view, if all web owners and bloggers made just right content material as you probably did, the net can be much more helpful than ever before.