Trump Ramps Up Tariff Pressure On India, Escalates War Of Words With Russia: ‘They Can Take Their Dead Economies Down Together’

U.S. President Donald Trump once again blamed India's high tariffs and trade barriers for his decision to impose 25% tariffs, higher than those levied on some other Asian nations, even as he toned down his dislike for the country’s deep ties with Russia.

He, however, continued his attack on Russia, issuing a warning following a confrontational message from a former Russian leader.

"We have done very little business with India, their Tariffs are too high, among the highest in the World," Trump said in a Truth Social post around midnight on Wednesday.

"I don't care what India does with Russia. They can take their dead economies down together, for all I care."

Early Wednesday, Trump issued a harshly worded message, stating that he has decided to impose 25% tariffs on Indian imports to the U.S. due to high duties and "obnoxious" barriers to American exports to the country, as well as its deep trade ties with Russia.

Trump also warned a "PENALTY" on India starting August, citing its heavy dependency on Russian oil and military equipment. 

However, later in the day, Trump told reporters the final tariff rate could be between 20% and 25% and negotiations were ongoing.

India's benchmark indices Nifty 50 (NIFTY50.NSE) and BSE Sensex (SENSEX) were down 0.7% in Indian morning hours on Thursday, while the rupee weakened sharply.

While Trump and Indian Prime Minister Narendra Modi have long described themselves as "friends," and the two countries have maintained steady relations in recent years, Trump's latest tariffs could pose a significant threat to India's economy.

Exports to the U.S., India's largest trading partner, could become less competitive as costs rise, potentially triggering a major realignment across local industries and affecting economic growth.

In an official statement, the Indian government stated that it will "take all steps necessary to secure our national interest" and strive to protect key groups, including small and medium-sized firms, farmers, and entrepreneurs.

In his late Wednesday post, Trump continued his offensive against Russia. "Russia and the USA do almost no business together. Let's keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he's still President, to watch his words," Trump said.

Hours earlier, Dmitry Medvedev said Trump's threats could lead to a war between Russia and the U.S. "Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with (Trump's) own country," Medvedev posted on X.

Trump warned Medvedev was “entering very dangerous territory!"

U.S. stock futures were higher late Wednesday. The SPDR S&P 500 ETF (SPY) and Invesco QQQ Series 1 Trust (QQQ), both currently trending on Stocktwits, are up over 7% and 10% this year, respectively. Retail sentiment on Stocktwits around both tickers was 'extremely bullish' as of the last close.

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