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US President Donald Trump has announced to impose 25 percent duty on India from August 1 after some signs of deadlock in the ongoing talks between the two countries on the Bilateral Trade Agreement (BTA).
Trump cited India’s high tariffs, “most” of its military equipment and energy purchases from Russia as well as “non-monetary trade barriers” as the reasons behind his decision.
Trump said that India will have to pay 25 percent duty and penalty from August 1. He further said that our trade deficit with India is very high. However, the US President described India as his ‘friend’ in a social media post.
He said, “India is our friend, but we have done relatively little trade with them over the last several years because their tariffs are very high, the ‘highest’ in the world. They have the ‘most stringent and obnoxious’ non-monetary trade barriers.”
Besides, they have always purchased the bulk of their military equipment from Russia, and are the biggest buyer of Russian energy along with China, while everyone wants Russia to stop the killings in Ukraine, he said.
The US President said, “Everything is not fine! That is why India will have to pay 25 percent duty and ‘penalty’ for purchases from Russia from August 1.”
There has been no response from India yet on Trump’s announcement.
A US team is scheduled to visit India next month for the next round of talks on the proposed bilateral trade agreement.
Teams from India and the US completed the fifth round of talks on the agreement in Washington last week.
India’s Chief Negotiator and Special Secretary in the Department of Commerce, Rajesh Agarwal, and Assistant US Trade Representative for South and Central Asia, Brendan Lynch, held the discussions.
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