US President Donald Trump on Thursday morning (IST) announced sweeping reciprocal tariffs on dozens of nations with trade surpluses against the US, including India. He stated that these nations would be charged half the tariffs they impose on US goods, meaning India will face a 27 per cent tariff on all its exports to the US. Speaking at the White House, Trump displayed a chart listing countries that impose tariffs on the US and the new levies they will now face. These tariffs are in addition to the 10 per cent baseline tariff on all imports into the US.
“India, very, very tough. Prime Minister (Modi) just left. He’s a great friend of mine. But I said, ‘You’re a friend of mine, but you’re not treating us right.’ They charge us 52 per cent, but we charged them almost nothing for years—decades. And it was only seven years ago that I came in,” Trump said.
However, India is not the hardest hit by Trump’s tariffs. Several countries will face higher rates:
Cambodia: 49 per cent
Vietnam: 46 per cent
Sri Lanka: 44 per cent
Bangladesh: 37 per cent
Thailand: 36 per cent
China: 34 per cent
Taiwan: 32 per cent
Indonesia: 32 per cent
Switzerland: 31 per cent Read more
Source: Business Standard