Trump Announces Tariffs : US President Donald Trump has imposed large retaliatory tariffs on India and China, but claims he is being generous by charging roughly “half of what they charge us.” President Trump described them as “discounted reciprocal tariffs,” stating that the US will impose a 26% import fee on India and a 34% duty on China.
Trump Announces Tariffs
In reference to India, President Trump called New Delhi’s tariffs as “very, very tough”. He went on to remark, “Their Prime Minister (Narendra Modi) just left (the US recently)…he is a wonderful buddy of mine, but I told him, ‘You’re a friend of mine, but you haven’t been treating us well. India charges us 52%, therefore we will charge them half of that, 26%.”
The President additionally suggested a 20% tariff on imports from the European Union and a 10% levy on imports from the United Kingdom, two of the United States’ primary trading partners and friends. He placed a 24% levy on Japan as well.
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According to the White House
The duties, according to the White House, are in addition to a 10% base import fee on all products imported into the United States. President Trump did not, however, specify how these duties will be applied in an industry-by-industry breakdown.
The news was made amid loud celebrations in the White House Rose Garden, with Donald Trump saying, “For far too long, other countries have stolen and plundered us while using our policies. However, that is no longer true. April 2nd will be remembered as “Liberation Day,” when America recovered its industry. We will now apply reciprocal duties on countries that impose tariffs on us. Reciprocal means that we will do to them what they do to us.
“By doing so, we will recapture our jobs, our industry, and our small and medium-sized businesses…and we will make America prosperous again. “Jobs will roar into America now,” he added.
The White House told the media shortly after the “Liberation Day” tariff notification that, due to a “national emergency” caused by security issues over persistent trade deficits, the US is imposing a “baseline” 10% tariff that will begin at 12:01am local time (9:30 am IST) on April 5, while the higher country-specific tariffs will begin at 12:01am local time (9:30 am IST) on April 9.
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