Trump says India will likely face a 20% to 25% tariff
Summary
India might face a 20% to 25% tariff on its goods when trading with the U.S., though the final deal has not been decided yet. This potential tariff is higher than those recently set with other countries and is part of ongoing complex trade negotiations.Key Facts
- President Trump mentioned the possible 20% to 25% tariff on Indian goods aboard Air Force One.
- The deal between India and the U.S. is still not finalized despite earlier announcements.
- A tariff of 20% or more is higher than recent tariffs with countries like Japan, the EU, Indonesia, and the Philippines.
- The U.S. had a $45.7 billion trade deficit with India in goods in 2024.
- This trade deficit has nearly doubled since Trump left office the first time.
- India exports a lot of pharmaceuticals and gold to the U.S.
- U.S. exports to India face an average tariff rate of 17%, one of the highest among big economies.
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