U.S. President Donald Trump said on Tuesday that India will likely face trade tariffs of 20% to 25%, although a deal is yet to be finalized.
The tariff level is far greater than the 15% duties recently imposed on Japan and the European Union, and comes despite earlier signaling from Trump that talks with India were progressing well.
"I think so," Trump told reporters aboard Air Force One when asked if 20% to 25% was a possible tariff rate against India. A Reuters report earlier in the day suggested that India was likely to face the tariffs on some exports as a temporary measure.
The report, along with Trump's comments, come just days before an August 1 deadline for the trade tariffs to take effect. Trump has outlined steep tariffs against several major economies, ranging from 15% to 50%.
Recent reports also indicated that a U.S.-India trade deal may not materialize before August 1, leaving New Delhi exposed to steep U.S. tariffs.
Source: Investing.com
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