US to impose 25% tariffs on India; rupee drops to 23.8 against dirham

India and US had been working on a trade deal ahead of August 1 deadline

- BY MANOJ NAIR

President Donald Trump yesterday said that he'll impose a 25 per cent tariff on goods from India, plus an additional import tax because of India’s purchasing of Russian oil.

Trump said on his Truth Social platform that India "is our friend" but its "Tariffs are far too high" on US goods.

The Republican president added that India buys military equipment and oil from Russia, which he said has enabled the war in Ukraine. As a result, he intends to charge an additional "penalty" starting tomorrow as part of the launch of his administration’s revised tariffs on multiple countries.