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US to impose 25% tariffs on Indian imports from tomorrow
Trade tensions just got real between the US and India.
President Trump has announced a 25% tariff on Indian imports, starting August 7, after India decided to keep buying oil from Russia—something the US isn't happy about due to India's continued purchase of Russian oil.
Russia backs India; ICRA cuts growth forecast
India called the new tariffs "unjustified" and says it'll keep putting its own interests first, especially when it comes to energy.
The move could slow India's economy a bit—ICRA even cut its growth forecast for next year.
Meanwhile, Russia is backing India up, saying every country should be free to choose its trading partners.