Trump announces 25% tariff on India plus 'penalty' for trade with Russia

President Donald Trump said Wednesday that India will pay a tariff of 25% beginning Aug. 1, in addition to a "penalty" for what he views as unfair trade policies and for India's purchase of military equipment and energy from Russia.

The 25% tariff rate is modestly lower than what he imposed on India on "Liberation Day," when he announced a 26% rate on the key trading partner.

"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 wrote on Truth Social.

"Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!" he continued.

"INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST," he said.

The White House did not immediately respond to CNBC's request for comment on what the additional penalty might be.