India-US trade deal: US president Donald Trump on Wednesday announced that India will have to pay 25 per cent tariff from August 1. Trump also said that India will have to pay an additional penalty for buying energy and arms from Russia. The 25% tariff rate announced for India is 1% less than the 26% declared by Trump in his April 2 ‘Liberation Day’ conference.
US tariff on India
US Ready to Review Preferential Status if India Comes up with a Trade Proposal: Report
Observing that trade has been an area of frustration in bilateral ties, the US has said that the door is open if India is prepared to bring a serious proposal to the table to address the issues related to trade and market access.