The US has announced tariffs for all countries of the world. Announcing the tariff, Trump said that the US has been waiting for a long time, it has come today. Trump has imposed 26 percent tariff on India. Trump also mentioned Prime Minister Narendra Modi’s visit to America in his address.
Trump announces tariff
According to Trump’s announcement, 26 percent tariffs will be imposed on goods coming from India to America. 34 percent tariffs have been imposed on imports from China. This clearly shows that this step has been taken to reduce the growing trade deficit with China. Apart from this, the Trump administration has decided to impose 46 percent tariffs on imported goods from Vietnam, which is one of the highest rates. The European Union will be imposed 20 percent, 31 percent on Switzerland and 32 percent on Taiwan. Only 10 percent of tariffs have been imposed on imports from the United Kingdom, which is probably due to stability in political and economic relations.
Tariffs imposed on various countries
Trump has imposed 31 percent on Switzerland, 32 percent on Taiwan, 24 percent on Japan, 10 percent on Britain, 10 percent on Brazil, 32 percent on Indonesia, 10 percent on Singapore and 30 percent on South Africa. He has imposed 25 percent tariffs on imported automobiles from abroad, as well as announced a similar tariff on auto parts. The new tariff on automobile will be applicable from April 3 and the new tariff on auto parts from May 3. Apart from this, 37 percent tariffs have been imposed on Bangladesh, 29 percent on Pakistan, 44 percent on Sri Lanka and 17 percent on Israel.
The US has announced a 26 percent concessional mutual fee on India. Donald Trump said, ‘Indian Prime Minister Narendra Modi recently visited America. He is my very good friend. But during this meeting I told Prime Minister Modi that you are not treating us properly. India always charges 52 percent tariffs from the US. Therefore, we will pay half a fee of 26 percent tariff from them.
What will be the effect of tariff?
The most worst effect of discounted mutual tariffs can have on the textile industry and jewelery sector.
In 2023-24, the US stakes 28% in India’s $ 36 billion (about Rs 3 lakh crore), which was about 10 billion dollars (about Rs 85,600 crore). Year after year, there has been an increase in Indian trade with America in this region. The US stake in total textile exports in 2016-17 and 2017-18 was 21 percent, which increased to 25 percent in 2019-20 and 29 percent in 2022–23.
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