India, July 30 -- US President Donald Trump on Wednesday announced India will pay 25 percent tariffs from August 1.

In his Truth Social post, Trump said: "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country."

Trump announced that apart from the tariffs, India will also need to pay a penalty. However, he did not mention the amount India need to pay as a penalty.

"INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!" he said. ...