Gift Nifty Plummets After U.S. President Trump's 25% Tariff Announcement On India From August 1

In respone to US President Donald Trump's 25 per cent tariff imposition on India, Gift Nifty declined as much as 0.70 per cent to 24,680 level. The tariff announcement was made by Trump on his Truth Social handle and the post said that the tariff and penalty becomes effective from August 1.

Additionally, Trump has also iimposed a penalty on India due oto dealings with Russia, especially with regards to oil and military equipment.

Speaking to reporters onboard Air Force One, he yet again mentioned that India's tariff regime has historically been unfair however, he pointed out, “I think the trade deals are working out very well. Hopefully for everybody, but for the United States, they're very, very good.”

On the Indian front, government officials have also shown faith and optimism in a trade pact that would likely benefits both India, and the US.

Also Read: Donald Trump Imposes Penalty On India For Russian Imports

Taking to Truth Social, U.S. President Donald Trump said, "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."

"Pointing out to India's dealings with Russia in terms of energy and military equipment, Trump mentioned, "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!, " the post read.