"Trump says India duties a 'huge blow' to Russia, keeps China tariffs paused"
About 55% of India's total merchandise exports to the US will be subject to 25% reciprocal tariff, minister of state (MoS) for finance ministry Pankaj Chaudhary has said. In a written reply to a question in the Lok Sabha, Chaudhary said the government attaches utmost importance to protecting and promoting welfare of farmers, entrepreneurs, exporters, MSMEs, and will take all necessary steps to secure our national interest.
Earlier, Union minister Rajnath Singh took a veiled jibe at United States President Donald Trump on Sunday over the country's steep 50% tariffs on Indian goods. “There are some people who are jealous of India’s rapid development. They think, ‘we are the boss of all.’ They cannot accept how quickly India is moving ahead,” the defence minister said at an event in Madhya Pradesh. He added that efforts were being made to make Indian-made products more expensive in global markets so they lose their competitiveness.
The United States has imposed punishing 50 per cent tariffs on Indian goods, half of which are ‘punishment’ for purchasing oil from Russia. The move comes as the US seeks to pressure Russia into stopping the war in Ukraine.
After the announcement of tariffs last week, US President Trump on Thursday ruled out the possibility of trade talks with India until the issue of tariffs is resolved. When asked by a reporter whether he expects increased trade negotiations with India after announcing 50% tariffs, Trump replied, “No, not until we get it resolved.”
Meanwhile, India is considering to announce tariffs countering the United States' punishing 50 per cent tariffs on steel, aluminium and their derivatives from India that it imposed in June with , according to people aware of the matter.
US tariffs on India | Key points
The United States imposed 25 per cent tariffs on India before its August 1 deadline kicked in, followed by additional 25 per cent tariffs that it announced on August 6 as punishment for buying Russian oil, taking the total tariffs on India to 50 per cent.
While the initial 25 per cent tariffs came into effect on August 7, the remaining 25 per cent will come into effect by August 27.
India has called US' move to slap such steep tariffs for doing trade with Russia as “unfair, unjustified, unreasonable”.
The US' move to slap India with penalty for buying oil from Russia is also a way for it to push Russia to end the war in Ukraine.
United States President Donald Trump will meet his Russian counterpart Vladimir Putin on August 15 in Alaska. The announcement of the meeting came after after Trump on Friday claimed that “we're getting very close” to a peace deal.
“The highly anticipated meeting between myself, as President of the United States of America, and President Vladimir Putin, of Russia, will take place next Friday, August 15, 2025, in the Great State of Alaska,” Trump said in a post on Truth Social.
Amid US tariff row, Prime Minister Narendra Modi held a phone conversation with Russian President Vladimir Putin on Friday and discussed a range of issues."
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