Trump, who dubbed PM Modi as 'great friend', announces 26% discounted reciprocal tariff on India (WATCH)
US President Donald Trump has announced new reciprocal tariffs on imports from India, China, the European Union, the UK, and Japan. India will face a 26 percent tariff, China 34 percent, the EU 20 percent, the UK 10 percent, and Japan 24 percent.
Washington DC: US President Donald Trump has declared new reciprocal tariffs on imports from India and China, stating that he is imposing lower rates compared to what these countries levy on the US. Referring to them as "discounted reciprocal tariffs," he announced a 26% import duty on Indian goods and a 34% duty on Chinese products, emphasizing that these rates are nearly half of what the US faces in return.
Speaking about India, President Trump described tariffs by New Delhi as "very very tough".
He continued saying, "Their Prime Minister (Narendra Modi) just left (US recently)...he is a great friend of mine, but I said to him that 'you're a friend of mine, but you've not been treating us right'. India charges us 52 per cent, so we will charge them half of that - 26 per cent."
| Washington | Speaking at the Make America Wealthy Again Event, US President Donald Trump says, "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… pic.twitter.com/bQ1qH1OEfI
— ANI (@ANI)Latest Videos
The President also introduced a 20% tariff on imports from the European Union and a 10% duty on goods from the United Kingdom, both key trade partners and allies of the United States. Additionally, he imposed a 24% tariff on imports from Japan.
According to the White House, these tariffs will be applied in addition to a 10% base import duty on all goods entering the United States. However, President Trump did not provide details on how the tariffs would be structured across different industries.
🚨 It’s official. Donald Trump has signed 25% tariffs on our closest trade partners and allies.
Friendly reminder that tariffs were a contributing factor for the Great Depression.
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Donald Trump said, "For far too long, other countries have looted and plundered us, while taking advantage of our policies. But no longer. April 2nd will forever be known as Liberation Day - when America reclaimed its industries. We will now impose reciprocal tariffs on countries that tariff us - Reciprocal means we do to them, what they do to us, as simple as that."
"By doing this we will reclaim our jobs, we will reclaim our industry, we will reclaim our small and medium scale businesses...and we will make America wealthy again. Jobs will come roaring into America now," he added.
Also Read: 'Mixed bag, not a setback': India evaluates impact of Trump's 26% tariff, hopes for reduction
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