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President Donald Trump warned India could face tariffs of 20% to 25% on exports to the United States as bilateral trade negotiations approach the August 1 deadline without a finalized agreement.
“India has been a good friend, but India has charged basically more tariffs, almost more than any other country,” Trump told reporters aboard Air Force One Tuesday, Reuters reported. “That would come to an end.”
The comments followed a Reuters report that India was preparing to accept higher tariffs in the absence of a trade deal, holding off on fresh concessions ahead of Friday’s deadline. Total bilateral goods trade reached approximately $129 billion in 2024, with India posting a surplus of nearly $46 billion.
U.S. Trade Representative Jamieson Greer told CNBC the India talks require more time, noting Trump wants quality deals over speed. Indian officials said New Delhi offered tariff cuts on various goods while working to ease non-tariff barriers, though agriculture and dairy remain restricted areas.
Sen. Lindsey Graham (R-S.C.) previously indicated that Trump plans 100% tariffs on China, India, and Brazil for purchasing Russian oil. “Those three countries buy about 80% of cheap Russian oil. That’s what keeps Putin’s war machine going,” Graham stated on Fox News.
The tariff threats target BRICS nations over de-dollarization efforts and Russian energy purchases, creating additional pressure on India’s trade strategy.
Trump’s escalating Russia ultimatum adds market complexity. The president shortened his Ukraine ceasefire deadline to 10 days on Tuesday, threatening tariffs and sanctions on Moscow. WTI crude hovered above $69 per barrel on Wednesday, with Brent around $72.50.
Energy ETFs showed mixed responses: iShares U.S. Oil & Gas Exploration & Production ETF (NYSE:IEO) closed up 0.91% at $92.43, while United States Oil Fund (NYSE:USO) jumped 3.41% to $79.80.
India plans to resume broader trade talks mid-August when a U.S. delegation visits, targeting a comprehensive bilateral agreement by October. Indian Trade Minister Piyush Goyal described “fantastic” progress in negotiations, according to Reuters.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
