President Donald Trump on Wednesday delivered a subtle punch at India in announcing a trade deal with its rival Pakistan after slapping India with 25% tariffs over the country’s ties to U.S. rival Russia.

Trump hits India with a 25% tariff over stalled trade talks and ties with Russia; penalty starts August 1 as Washington pushes for direct Modi engagement.

Investors hoping for a flurry of trade deals before the Aug. 1 deadline may be underwhelmed at the minute. Talks with China ended in Stockholm yesterday, while a deal with India has yet to be announced. Meanwhile, a clutch of well-known German companies have put figures on how much taxes on imports to the U.S. are costing them.