US president calls Delhi a friend but criticises policies such as buying arms and energy from Russia amid Ukraine war

Business live – latest updates

Donald Trump has announced the US will impose a 25% tariff on goods from India plus an extra “penalty” for the country buying arms and energy from Russia amid the war in Ukraine.

Washington has set a 1 August deadline for countries around the world to reach agreements on trade, including India, amid the US president’s sweeping global tariff war.

While saying that Delhi was a “friend,” Trump used his Truth Social platform to criticise India’s trade policies and said the White House would impose a 25% tariff “plus a penalty” of an unspecified amount.