President Trump has imposed 25% tariffs on India, effective August 1. The rate is 1% lower than the 26% reciprocal tariff he announced on April 2.
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On Truth Social, Trump described India as having “the most strenuous and obnoxious non-monetary Trade Barriers of any Country.” He also criticized the country for buying Russian oil and gas and said that it would be subject to an unspecified penalty without elaborating further.
Trump Calls Out India’s Barriers to Trade
The U.S. and India have been in trade negotiations for several months, although the U.S. has historically “done relatively little business with them” due to India’s high tariffs, said Trump. In 2024, the U.S. exported $41.8 billion of goods to India and imported $87.4 billion of goods from the country, resulting in a U.S. goods trade deficit of $45.7 billion.
According to TipRanks’ Trump Dashboard, the iShares MSCI India ETF (INDA), the Energy Select Sector SPDR Fund (XLE), the iShares US Aerospace & Defense ETF (ITA), and one other stock will likely be affected by his post.
