US President Donald Trump said he would impose 25% tariffs on India from August 1, and hinted that additional penalties would also be imposed on India's energy purchases from Russia. The Trump administration is scheduled to impose new tariffs on dozens of trading partners on August 1. The US leader's latest statement has shattered India's hopes of receiving more preferential treatment than other countries in the region. New Delhi was one of the first countries to hold talks with Washington after Indian Prime Minister Narendra Modi's high-profile visit to the White House in February. In response to Trump's latest statement, an Indian official who asked for anonymity responded that New Delhi is still in contact with the US to ensure a mutually beneficial trade agreement. Earlier, it was reported that Indian officials said they would continue negotiations with the US in an effort to reach a bilateral trade agreement before the fall.

US President Donald Trump said he would impose 25% tariffs on India from August 1, and hinted that additional penalties would also be imposed on India's energy purchases from Russia. The Trump administration is scheduled to impose new tariffs on dozens of trading partners on August 1. The US leader's latest statement has shattered India's hopes of receiving more preferential treatment than other countries in the region. New Delhi was one of the first countries to hold talks with Washington after Indian Prime Minister Narendra Modi's high-profile visit to the White House in February. In response to Trump's latest statement, an Indian official who asked for anonymity responded that New Delhi is still in contact with the US to ensure a mutually beneficial trade agreement. Earlier, it was reported that Indian officials said they would continue negotiations with the US in an effort to reach a bilateral trade agreement before the fall.