India could face tariffs as high as 25% if it fails to finalise a trade deal with the US this week, President Donald Trump has said. "Yeah, I think so," he told reporters on Tuesday when asked whether Delhi would face higher tariffs in the absence of an agreement.

President Donald Trump on Wednesday announced a 25% tariff on imports from India, effective August 1. In a post on Truth Social, Trump stated that the country maintains "some of the highest tariffs in the world" and "non-monetary trade barriers" that he described as restrictive.

France and Germany have warned about the economic fallout from the 15 percent tariffs European goods face in the U.S.