India, Aug. 7 -- US President Donald Trump announced a secondary tariff of 25% on India, which is scheduled to come into effect from August 28. This was not entirely unexpected, especially as President Donald Trump had recently threatened "substantial" tariffs on India. Stacking this on top of the 25% "reciprocal" tariffs announced on July 30 takes the total tariff to 50%.

Based on comments made by the president in his latest executive order, these secondary tariffs have little to do with the trade deficit that India runs with the US, and more with the "threat to the United States by the government of the Russian Federation". We would assume that if Russia engages, or agrees to engage, in peace talks with Ukraine, these secondary tariffs...