President Trump announced on social media that a 25% tariff on goods imported from India will go into effect on August 1, 2025. Additionally, an unspecified penalty will be enforced due to India’s purchasing of Russian oil and military equipment.

The Indian government has stated that it is studying the implications of President Trump’s announcement and remains dedicated to securing a fair, mutually beneficial trade deal with the U.S.

Additionally, a new trade agreement imposing a 15% tariff on imports from South Korea was announced. Full details of the measures have not been released yet. We will continue to monitor any changes and share further details when official guidance is released by U.S. Customs and Border Protection (CBP).

As of now, the IEEPA reciprocal tariff suspension is set to end on August 1, 2025, and will not be extended. As changes happen, we will provide further updates and guidance. For any additional questions, please reach out to your Mallory Alexander representative or our M-PACT consulting team.