US President Donald Trump has announced a 25% tariff on India, with an additional penalty for purchasing weapons and oil from Russia. The move comes as the US also imposes sanctions on several Indian companies for trading with Iran. This action is set against a backdrop of President Trump’s wider frustrations, including stalled trade deals with major partners like Mexico, Canada, and China, and uncertainty surrounding an agreement with the European Union. At home, the US President is in a public dispute with his own central bank over interest rates. Despite a growing US economy, there are signs of a slowdown in private investment and consumer spending. In a pointed jibe, Trump called India a “dead economy,” a statement made even as India is forecast to contribute significantly to global growth in 2024.
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