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Tariff War: US President Donald Trump has announced the imposition of reciprocal tariffs, effectively unleashing his "tariff bomb" across the globe. India is also among the countries affected by these new tariffs. Let's find out how much.
US President Donald Trump announced the implementation of “reciprocal tariffs,” a key component of the “tariff war” he initiated against numerous countries. He chose 2 April for the implementation, declaring it a day of economic liberation for America and promising to restore its prosperity. During a White House Rose Garden media briefing, Trump announced the imposition of reciprocal tariffs on several countries, including India.
A 26% discounted reciprocal tariff has been imposed on India by the US. Under this discounted reciprocal tariff system, the US will levy a tariff equal to half the tariff imposed by the respective country on US goods. According to Trump, India levies a 52% tariff on US imports; therefore, a 26% tariff (half of 52%) has been imposed on imports from India.
Trump imposed the highest reciprocal tariff of 49% on Cambodia. Other countries affected include Laos (48%), Madagascar (47%), Vietnam (46%), Myanmar and Sri Lanka (44%). India's neighbours, China and Pakistan, face reciprocal tariffs of 34% and 29%, respectively.