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US President Donald Trump has announced that the country will impose a 26 per cent tariff on Indian imports, opting for a ‘discounted reciprocal’ approach instead of fully matching foreign tariffs.
Speaking from the White House Rose Garden on what he called “Liberation Day,” Trump explained that the new tariff rates were calculated based on cumulative tariffs and non-monetary barriers imposed by other countries on US goods. He stated that India imposes a 52 per cent tariff on US imports, leading to the 26% tariff rate on Indian goods under his plan.
He called Indian Prime Minister Narendra Modi “a great friend”, however adding that “he hasn’t been treating us right.”
“India very, very tough. The Prime Minister just left and is a great friend of mine, but you are not treating us right. They charge us 52 per cent and we charge them almost nothing…”
Alongside these tariffs, Trump also revealed a universal baseline tariff of 10 per cent that will apply to all imports, regardless of their origin.
Calling the announcement one of the most important moments in American history, Trump described the move as America’s “declaration of economic independence.”
Trump has promised a “golden age” for America, claiming that his reciprocal tariffs will bring back jobs and factories while generating “trillions and trillions of dollars” to reduce taxes and pay down the national debt.
Trump declared that the tariffs he has announced will lead to “$6 trillion in investments” in the country. He also issued a warning to world leaders, stating that if they want an exemption from his “reciprocal tariffs,” they must change their trade policies.
“Terminate your own tariffs, drop your barriers, don’t manipulate your currencies,” he said, “and start buying tens of billions of dollars of American goods.”
Apart from India, Trump announced huge new tariffs of 34 per cent on imports from China and 20 per cent on imports from the European Union — two of the main US trade partners.
Trump also confirmed that the 25 per cent tariff on foreign-made automobiles, which was announced last week, will take effect at midnight ET on April 2 (9:30 AM IST on April 4).
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