Trump signs an executive order imposing another 25% tariff on India.
This comes after the US President threatened to significantly increase tariffs on India in an interview with CNBC on Tuesday.
“India has not been a good trading partner because they do a lot of business with us, but we don’t do business with them. So we agreed on 25%, but I think I will raise that rate significantly in the next 24 hours,” Trump told CNBC.
Trump had previously imposed a 25% tariff on Indian goods exported to the US. However, with this move, the tariff against India has now reached 50%.
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Meanwhile, Indian Prime Minister Narendra Modi is scheduled to visit China for the first time in seven years, amid rising trade tensions with the US.
Modi will visit China for the first time in more than seven years, a government source told Reuters, citing a government source.
Modi will travel to China to attend the Shanghai Cooperation Organization (SCO) multilateral summit starting on August 31, the government source told Reuters.
Modi’s visit comes as New Delhi faces its most serious crisis in years after Trump imposed tariffs and threatened further action against India if it continues to buy Russian oil.