Following his announcement of a 25% tariff rate on India plus an unspecified “penalty” tariff for India purchasing Russian energy and arms, U.S. President Donald Trump said his administration was still negotiating the final tariff rate with India, while at the same time linking India’s membership to the BRICS group of countries as another reason for the penalty.
The clock is ticking closer to U.S. President Donald Trump's latest tariff deadline of August 1. And while several more deals — or at least frameworks for deals — have been reached since his last tariff deadline of July 9 came and went, trade talks with many countries are still in flux. Mr. Trump unveiled sweeping import taxes on goods coming into the U.S. from nearly every country back in April. That included heightened so-called reciprocal rates for certain countries, the bulk of which have since been postponed twice.
