America imposed 26% tariff on India: Trump said- Modi is a good friend, but his behavior on tariff is not right; The change will come into effect from April 9.
America imposed 26% tariff on India: US President Donald Trump announced a 26% tariff (reciprocal or tit for tat tariff) on India late on Wednesday night. Trump said- India is very tough. Modi is my good friend, but he is not treating us properly.
America imposed 26% tariff on India: US President said,
“India charges up to 52% tariffs from the US, so the US will charge 26% tariffs on India. We will charge about half the tariffs that other countries are charging us. So the tariffs will not be perfectly reciprocal. I could have done that, but it would have been difficult for a lot of countries.
We didn’t want to do that.”Apart from India, 34% tariff will be imposed on China, 20% on European Union, 25% on South Korea, 24% on Japan, 46% on Vietnam and 32% on Taiwan. America has decided to impose half the tariff on about 60 countries as compared to their tariff.
Apart from this, a 10% baseline (minimum) tariff will be imposed on all goods coming to America from other countries. The baseline tariff will be implemented on April 5, and the reciprocal tariff will be implemented after 12 midnight on April 9.
6 big things from Trump’s speech:
1. 25% tariff in auto sector: America abroadWill impose 25% tariff on vehicles manufactured. So far America has imposed tariffs only on motorcycles from other countries. Whereas India is charging 60%, Vietnam 70% and other countries are charging even more. They looted America for 50 years, but this will end today.
2. America will become the richest country: America will be richer than any other country in the world. Today we are standing up for the American worker. We are finally implementing America First. We can be very rich indeed. We can be so rich it seems unbelievable, but now we are getting smarter.
3. Make products in America to avoid tariffs: America will now respond in equal measure in the case of tariffs. Countries that want access to the American market will have to pay the price for it. If any company wants exemption from tariffs, it will have to manufacture its products in America. Tariffs will lead to America’s development.
4. Jobs and factories will return to the US: many countriesmade itself rich by taking advantage of the American market. But it imposed restrictions on its market for American goods. Now America will also think about its own benefits. Now jobs and factories will come back to America.
5. Canada’s Dairy Tariffs Are Unfair: Canada’s dairy tariffs are not fair to our farmers. The US subsidizes countries like Canada and Mexico to help sustain their industries. We also stand up for our great farmers and ranchers who are treated cruelly by countries around the world.
6. America’s Economic Freedom Day: TodayThe day is of economic freedom for America. We have to make America great again. We are announcing reciprocal tariff, that is, we will do the same to the countries which are imposing whatever duty on us.
What is the tariff…
Tariff is a kind of border fee or tax that any country imposes on goods coming from abroad. This tax is imposed on the importing company. Countries control trade among themselves by increasing or decreasing it.
Trump had said that India charges very high tariffs from us.
Before the announcement of tariffs, Trump had said on March 7 that India charges us a very high tariff. You can not sell anything in India. However, India now wants to reduce its tariffs a lot because we are exposing their deeds.He said- our country has been looted by everyone, but now it has stopped. I had stopped it during my first term. Now we are going to stop it completely, because it is very wrong. America has been looted by almost every country in the world from the economic, financial, and trade points of view.
Import-Export 2023-24
Top 10 trading partners of India
Note- Figures in billion dollars | Source- seair.co.in
Sunil Barthwal said– Indian Commerce Secretary Sunil Barthwal had told the parliamentary panel that India has not given any commitment to reduce tariffs with America. While giving information to the Parliamentary Committee on Foreign Affairs, Sunil Barthwal had clarified that the talks between India and America are still going on and no trade agreement has been finalized yet.
Barthwal said that the claims of the US President and media reports cannot be trusted. India’s interests will be taken care of in any trade talks.