Trump says India will likely face a 20% to 25% tariff

• At 20% or more, it would also be a much higher levy than the recent deals with larger trading partners like Japan and the European Union, as well as smaller partners like Indonesia and the Philippines.

Catch up quick: The Office of the U.S. Trade Representative said that the U.S. had a $45.7 billion trade deficit in goods with India in 2024 — substantial, but not in the top ten globally.

• That deficit has surged in the last couple of years, though, and is now nearly double what it was when Trump left office the first time.

Between the lines: India is a major exporter of pharmaceuticals and gold to the United States.

• But U.S. exports to India have struggled with an average tariff rate of 17%, which the trade representative's office calls "among the highest of the world's largest economies."

Editor's note: This is a developing story. Check back for updates.