NEW DELHI (AP) — U.S. President Donald Trump has vowed additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%. India has called the additional tariffs “unfortunate.”
Trump's Wednesday announcement came as India and the U.S. are still negotiating a trade deal that has faced roadblocks after it was first announced when Indian Prime Minister Narendra Modi met Trump in Washington earlier this year.
It also comes at a time when ties between India and the U.S. appear to have taken a hit even as Modi and Trump share a warm relationship.
Here is how India, a strategic partner of the U.S. in Asia, ended up facing steep tariffs:
FebruaryTrump imposes tariffs on Canada, Mexico and China. He initially spares India, despite repeatedly calling the country a “tariff king," but threatens that high tariffs are coming.
February 14Modi meets Trump in Washington in an effort to resolve trade concerns. Trump again warns of higher U.S. tariffs on Indian goods.
India and the U.S. agree to work on a trade deal and expand bilateral trade to $500 billion by 2030. They don't share details as to how the target would be achieved.
Modi says he expects a deal to be completed later this year.
March 3India’s trade minister, Piyush Goyal, visits Washington and meets his counterparts to initiate negotiations for the bilateral trade agreement.
April 21U.S. Vice President JD Vance meets Modi in New Delhi and says both sides are making progress on trade talks.
India and the U.S. also finalize the terms of reference for the trade negotiation, bringing them a step closer to an agreement.
May 10Trump says he stopped military hostilities between India and Pakistan by offering possible trade concessions to both. India is angered by Trump’s claims and disputes them.
May 17Trade minister Goyal leads a team of senior Indian officials to Washington for more negotiations. India’s commerce secretary says the proposed bilateral trade agreement is progressing “very well.”
June 27Trump signals a deal may be close. “We’re having some great deals. We have one coming up, maybe with India, a very big one, where we’re going to open up India,” he says.
JulyAn Indian trade delegation visits Washington for another round of discussions, which end without reaching a breakthrough.
JulyGoyal says India is ready to make trade deals in “the national interest,” but not just to meet deadlines.
July 31Trump imposes 25% tariffs on Indian imports. He warns of further penalties for India because of its buying of Russian oil, and calls its economy “dead.”
August 6Trump vows an additional 25% import taxes on India to punish the country for its purchases of Russian oil, bringing combined tariffs to 50%. The tariffs are set to go into effect after 21 days.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
