US President Donald Trump on Wednesday reaffirmed that the deadline for his reciprocal tariffs on remaining trade partners will not be extended beyond this Friday.
“The August 1 deadline is the August 1 deadline – it stands firm and will not be extended. A big day for America!!!” Trump wrote in all capital letters on the Truth Social platform.
Trump also announced plans to impose a 25% tariff on goods imported from India, in addition to an extra import levy in response to India’s ongoing purchases of Russian oil.
While emphasising that “India is our friend,” Trump criticised New Delhi for maintaining “excessively high tariffs” on American goods.
The Republican leader further argued that India’s purchases of military equipment and oil from Russia have indirectly supported Moscow’s war in Ukraine. As part of his administration’s revised tariff policy, he intends to impose what he called an additional “penalty” starting Friday.
This announcement follows a series of new trade frameworks signed between the US and partners including the European Union, Japan, the Philippines and Indonesia — agreements Trump said would open markets for American products while simultaneously allowing the US to increase import tax rates.
According to Trump, revenue generated from these tariffs will help offset rising budget deficits linked to his recent income tax cuts and foster domestic manufacturing jobs.
However, economists remain cautious about the broader impact. Many expect these measures could slow US economic growth and drive inflation higher, as increased import costs are likely to be passed on to businesses and consumers.
The US Census Bureau reported a US$45.8 billion goods trade deficit with India last year, indicating that the US imported significantly more from India than it exported.
With a population of over 1.4 billion, India is the world’s most populous nation and a potential geopolitical counterbalance to China. The country maintains close ties with Russia and has refrained from endorsing Western sanctions over Moscow’s actions in Ukraine.
During a February meeting with Indian Prime Minister Narendra Modi, Trump announced that India would begin purchasing American oil and natural gas.
Speaking to reporters aboard Air Force One on Tuesday, following a five-day trip to Scotland, Trump said that the framework for a trade agreement with India remains under negotiation and has yet to be finalised.
