Overview

• The U.S. currently enforces a 25% reciprocal tariff on Indian goods, with a second 25% penalty tied to India’s Russian oil purchases originally set to take effect on August 27.
• Trump said he “doesn’t have to think” about imposing more secondary tariffs right now but could reconsider the decision in two to three weeks.
• Treasury Secretary Scott Bessent warned that secondary duties could rise if negotiations with Russia or India falter.
• India’s Ministry of External Affairs condemned the tariffs as unjustified and Indian Oil Corporation affirmed there has been no pause in Russian oil imports.
• Analysts estimate the tariff measures could lift U.S. consumer prices by about 1.8% in the short term and cost India up to $50 billion in export revenue as supply chains shift back toward China.