US President Donald Trump announced new import tariffs on Wednesday (local time), outlining the rates to be imposed on countries around the world, with India facing a 26 per cent tariff. Calling Prime Minister Narendra Modi a "great friend," Trump said that India charges the US 52 per cent, and "we charge them almost nothing."

Trump's announcement came while he addressed the Make America Wealthy Again Event. At the event, Trump said, "India very, very tough. The Prime Minister just left and is a great friend of mine, but you are not treating us right. They charge us 52 per cent and we charge them almost nothing..."