US tariff : As Trump’s tariff “liberation day” dawns, India and others prepare for the impact.

US tariff : Trump has dubbed April 2 “Liberation Day,” claiming that the levies will relieve the United States of its reliance on foreign goods.Trump placed a 25% tax on all auto imports last week, while a similar duty on steel and aluminum went into effect in March.

Here are 8 key takeaways from this important story in US tariff

1. On Sunday, the US president appeared to significantly broaden his tariff intentions, stating that “all countries” will be affected. “You would start with all countries, so let’s see what happens,” Trump told reporters, dampening hopes that he might reduce the levies or target a specific set of nations. “I haven’t heard a rumour about 15 nations, 10 or 15… Basically all of the countries we’re discussing. We’ve been talking about all countries, not just one,” he remarked.
2. A day before the planned announcement, Trump said India will reduce its tariffs “significantly.” “I believe many (countries) will reduce their tariffs since they have been unfairly tariffing the United States for years. When it comes to autos, the European Union has already reduced its tariffs to 2.5%. It was announced a few days ago. A very low tariff. The U.S. charged very little. I believe I heard recently that India plans to significantly reduce its pricing. I asked why nobody had done this sooner. “Many countries will reduce their tariffs,” he added.
3. Hours before, the White House announced that India imposed a 100% charge on American agricultural products. “If you look at the unjust trade practices that we have, the European Union has a 50% tariff on American dairy. Japan charges a 700 percent levy on American rice. India charges a 100% tariff on American agricultural products. “You have nearly a 300 percent tariff from Canada on American butter and cheese,” White House Press Secretary Karoline Leavitt remarked, holding up a table of tariffs imposed by countries including India.
4. Between 2021-22 and 2023-24, the United States was India’s greatest trading partner. According to a PTI article, the United States contributes for around 18% of India’s total goods exports, 6.22% of imports, and 10.73% of bilateral trade. In 2023-24, India had a $35.32 billion trade surplus with the United States. The amount was $27.7 billion in 2022-23, $32.85 billion in 2021-22, $22.73 billion in 2020-21, and $17.26 billion in 2019-20.
5. India and the United States have agreed to hold sector-specific talks in the coming weeks to finalize the form of their planned bilateral trade agreement (BTA). Commerce Minister Piyush Goyal has stated that talks are going well and will be for the “good” of both countries while protecting Indian interests.
6. The Sensex and Nifty plunged on Tuesday, fueled by concern about the impact of Trump’s tariffs. The Sensex sank 1,390.41 points, or 1.8%, to 76,024.51, while the NSE Nifty fell 353.65 points, or 1.5%, to 23,165.7.
7. Trump placed a 25% tax on all auto imports last week, while a similar duty on steel and aluminum went into effect in March.
8. Many countries have also threatened to respond against the US tariffs if necessary. According to European Union chief Ursula von der Leyen, the EU still hopes for a “negotiated solution” but “all instruments are on the table” to respond if necessary. “We are open to negotiations,” the European Commission chief said at a European Parliamentary session, “but we have a strong plan to retaliate if needed.”

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