President Donald Trump on Wednesday announced plans to impose a 25% tariff on goods from India, and an additional import tax due to India’s purchasing of Russian oil and military equipment, according to the Associated Press.
The president said he will charge the additional “penalty” starting Friday as part of the launch of his administration’s revised tariffs on multiple countries.
The announcement follows the recent negotiation of trade frameworks with the European Union, Japan, the Philippines and Indonesia. The president is looking to tariffs as a means of generating more domestic factory jobs and offsetting the budget deficit increases tied to his recent income tax cuts.
