President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House, Wednesday, April 2, 2025, in Washington
| Photo Credit: AP
U.S. President Donald Trump on April 2, 2025, unveiled reciprocal tariffs in a meeting held at the White House, which are to work as a punishment to countries around the world, including some of America’s closest trading partners.
The day of announcing the reciprocal tariff was claimed by Mr. Trump as the “Liberation Day” for America. “For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Mr. Trump said while announcing the tariffs.
India was slapped with a 26% “discounted reciprocal tariff”, which is half of the tariff imposed by India on U.S., “including currency manipulation and trade barriers,” according to chart Mr. Trump had in his possession. Earlier, the White House documents showed a 27% duty on India. However, as per the later updates, it had been revised downwards to 26%.
Initially, Mr. Trump announced a tariff rate of 34% China, which was later hiked to 125% on April 9, 2025. He then announced a pause of 90 days in implementing the rates on other countries except China. It was seemingly an attempt to narrow what had been an unprecedented trade war between the U.S. and most of the world to a showdown between the U.S. and China.
Published – April 14, 2025 01:06 pm IST
Leave a Reply