US Imposes 25 per cent Tariffs on India, Other Countries
PTI
US President Donald Trump unveiled sweeping new tariffs on dozens of countries, including 25 per cent duties for goods from India, marking a new era of American protectionism that triggered fresh tensions and concerns over a much wider disruption in the global trade landscape.
The US president signed an executive order that raised tariffs for over five dozen countries, with Washington’s negotiations for trade deals going down to the wire ahead of the August 1 deadline.
In the Executive Order titled ‘Further Modifying The Reciprocal Tariff Rates,’ Trump announced tariff rates for nearly 70 nations.
A 25 per cent “Reciprocal Tariff, Adjusted” has been imposed on India, according to the list released. The executive order, however, does not mention the “penalty” that Trump had said India will have to pay because of its purchases of Russian military equipment and energy.
On Wednesday, Trump announced the 25 per cent tariff on India and an additional penalty for New Delhi’s purchases from Russia.
While August 1 was the tariff deadline, the new levies will come into effect from August 7.
In April, Trump had announced that India will face a 26 per cent “discounted reciprocal tariff,” one per cent higher than the rate announced now.
In the executive order, Trump stated that some trading partners have agreed to, or are on the verge of agreeing to, meaningful trade and security commitments with the US, thus signalling their sincere intentions to permanently remedy trade barriers and align with Washington on economic and national security matters.
The tariff modifications shall be “effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 am Eastern Daylight Time 7 days after the date of this order.”
The tariffs in the list range from 10 per cent to 40 per cent, with Japan being charged 15 per cent, Laos and Myanmar (40 per cent each), Pakistan (19 per cent), Sri Lanka (20 per cent) and the United Kingdom (10 per cent).
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