President Donald Trump said on Wednesday the United States is still negotiating with India on trade after announcing earlier in the day the U.S. would impose a 25% tariff on goods imported from the country starting on Friday.

The stakes are high, with the United States and India counting on each other as indispensable partners in their competition with China.

The US President announced the tariffs, stating they will come into effect on August 1. He cited India's ongoing energy partnerships with Russia, particularly at a time when the West continues to push for an end to the conflict in Ukraine.