Trump says India will likely face a 20% to 25% tariff

India will probably face a 20% to 25% tariff, though a deal isn't finalized, President Trump told reporters aboard Air Force One on Tuesday.Why it matters: India was one of the first deals the administration said it was close to landing, but it's still pending months later — a prime example of the complexities of global trade. At 20% or more, it would also be a much higher levy than the recent deals with larger trading partners like Japan and the European Union, as well as smaller partners like Indonesia and the Philippines. Catch up quick: The Office of the U.S. Trade Representative said that the U.S. had a $45.7 billion trade deficit in goods with India in 2024 — substantial, but not in the top ten globally. That deficit has surged in the last couple of years, though, and is now nearly double what it was when Trump left office the first time.Between the lines: India is a major exporter of pharmaceuticals and gold to the United States.But U.S. exports to India have struggled with an average tariff rate of 17%, which the trade representative's office calls "among the highest of the world's largest economies."Editor's note: This is a developing story. Check back for updates.

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In pictures: People run for cover and beaches empty out as Russia quake triggers tsunami warnings

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Powerful 8.8-magnitude earthquake causes tsunami in Russia's Far East - with warnings issued for Japan, Hawaii and Alaska

about 7 hours ago

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