PULSE POINTS
❓WHAT HAPPENED: President Donald J. Trump announced new tariffs on India, set to take effect tomorrow, while criticizing India’s economic ties with Russia and high Indian tariffs.
👤WHO WAS INVOLVED: President Trump, Indian government officials, former Russian President Dmitry Medvedev, and the BRICS bloc.
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📍WHEN & WHERE: Tariffs take effect Friday; statements made on Truth Social and in Indian government responses over the past two days.
💬KEY QUOTE: “We have done very little business with India, their Tariffs are too high, among the highest in the World.” – Donald Trump
🎯IMPACT: Analysts estimate a $10 billion impact on Indian exporters.
President Donald J. Trump took aim at two key members of the BRICS economic bloc early Thursday morning, slamming Russia and India, the latter specifically for having not reached a bilateral trade agreement with the United States. A number of nations, including Japan and South Korea, along with the European Union (EU), have scrambled to reach deals ahead of Trump’s tariff deadline on August 1 after trade duties were initially announced at the America First leader’s “Liberation Day” event in April.
“I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together,” Trump wrote on Truth Social. He continued, with special ire for Russia’s former president and the current Deputy Chairman of the Security Council, Dmitry Medvedev: “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. He’s entering very dangerous territory!”
Medvedev has written in a July 28 social media post, “Trump’s playing the ultimatum game with Russia… Russia isn’t Israel or even Iran,” adding: “Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with his own country. Don’t go down the Sleepy Joe [Biden] road!”
Trump announced that India would face a 25 percent tariff plus penalties for trading with Russia starting Friday. The Indian government has since responded, emphasizing that any deal must be “mutually beneficial” and protect its farmers and small businesses. Analysts at Mumbai-based Axis Bank estimate the tariffs could have a $10 billion impact on Indian exporters.
This dispute comes months after Vice President J.D. Vance visited India in April, calling the U.S.-India relationship a “win-win partnership” and advocating for stronger ties in energy and defense trade. However, Vance—and much of the America First movement—has also been critical of India’s abuse of the United States’s H1-B visa system, which Indians have used to flood the U.S. with cheap foreign labor.
While BRICS sees itself as being capable of launching an alternative competitor to the U.S. dollar, the bloc’s member states—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates (UAE)—all lack stable or internationally attractive currencies. Additionally, most BRICS member economies either heavily rely on exports to the United States, are entirely leveraged on resource extraction, or, in the case of Iran, barely function.
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