Talks between China and the U.S. to stave off the looming tariff re-activation deadline have broken off, for now. The talks happened over a two-day period in Sweden between respective trade representatives. The deadline is August 12.
India, however, received notice it would be getting a Russian Ties Tariff of 25%. The President said of the penalty, “Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country. Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST.”
US-China trade talks in Sweden end without truce extension– www.france24.com
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Excerpt:
Two days of talks between delegations from Beijing and Washington ended without an extension of the tariff truce set to expire on August 12. US Treasury Secretary Scott Bessent said that Donald Trump still needs to be briefed on the discussions. Also, the International Monetary Fund has revised its global growth outlook upward, as Trump’s tariff policies are scaled back. And, Lesotho’s textile industry remains on edge ahead of the August 1 tariff deadline.
Trump announces 25% tariffs on India over ties to Russia– www.washingtonexaminer.com
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Excerpt:
President Donald Trump announced on Wednesday morning that he is authorizing 25% tariffs on India, which will take effect Aug. 1, due to the country’s import of Russian energy and military equipment.
“Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country,” the president said in a post on Truth Social.
“Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST,” he continued.