President Donald Trump proposed new tariffs on countries that purchase Russian energy and signaling incoming levies on semiconductor and pharmaceutical imports, according to Bloomberg. Trump said on Tuesday he would “very substantially” raise tariffs on India within 24 hours, criticizing its Russian oil purchases as support for the war. India faces added pressure as Trump plans new tariffs on pharmaceutical and semiconductor imports in the coming week. The comments follow last week’s tariff plan update, which raised import rates on key trade partners to between 10% and 41%. Trump also indicated he’s nearing a new trade deal with China to extend the current truce set to expireon August 12. Trump said the U.S. and China are “getting along very well,” but downplayed the urgency of a meeting with President Xi Jinping unless a deal is in place.
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