‘Trump frustrated with India trade talks…’: US President feels 25% tariff will ‘remedy’ the situation, says adviser; additional penalty for Russia trade ‘shortly’

US President Donald Trump is ‘frustrated’ with progress of trade deal talks with India and is of the view that by imposing 25% tariffs and a penalty for Russia oil and crude purchases, the situation would be ‘remedied’ soon. The American president announced 25% tariffs on India effective August 1 after the two countries failed to strike an interim trade deal ahead of his deadline. Trump also announced an ‘additional penalty’ on India for its oil and arms purchases from Russia.“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. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!,” Trump announced on Truth Social.Also Read | Donald Trump imposes 25% tariffs on India! How does India compare to other economies like China, Japan, Vietnam on the rate list? Check detailsA Reuters report quoted , White House economic adviser Kevin Hassett as saying, “I think President Trump is frustrated with the progress we've made with India but feels that a 25% tariff will address and remedy the situation in a way that's good for the American people.”Trump and US Trade Representative Jamieson Greer are expected to provide additional details "shortly" about the additional penalty that Trump announced.India has hardened its stance on opening up its agriculture and dairy sectors. This seems to be a roadblock in the trade deal talks which are ongoing. US officials are expected to visit India in late August for the sixth round of negotiations.The Ministry of Commerce and Industry has said that it is currently analysing the potential effects of US tariffs. India has made it clear that it will not compromise on national interest to seal a trade deal with America.Over recent months, both India and the United States have participated in discussions aimed at establishing an equitable and reciprocally advantageous trade agreement. This continues to be our priority, the statement said.“The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs. The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK,” the ministry’s statement added.Also Read | Explainer: What do Donald Trump’s 25% tariffs on India mean? What happens if they stay…