President Trump plans to impose reciprocal tariffs on countries including India from April 2, following new tariffs on Canadian and Mexican imports and increased duties on Chinese goods. He cites unfair trade practices by other nations and promises economic benefits from this policy, which has already triggered retaliatory measures from Canada, Mexico, and China.
US President Donald Trump has announced his intention to impose reciprocal tariffs on key trading partners, including India, commencing April 2. This announcement follows his recent imposition of a 25 percent tariff on imports from Canada and Mexico, as well as a 20 percent tariff on certain Chinese goods. In response, Canada and Mexico have also indicated they will retaliate against these new tariffs.
During a joint address to Congress, President Trump expressed his dissatisfaction with the trade policies of several nations, asserting that countries like the European Union, China, Brazil, and India impose significantly higher tariffs on American goods. He criticized India for imposing tariffs exceeding 100 percent and highlighted that China’s average tariff rate is double that of the United States, asserting that such disparities are unjust. Trump stated, “On April 2, reciprocal tariffs kick in. Whatever they tax us, we will tax them.”
Trump emphasized the need for the US to be proactive in trade, claiming that this new tariff policy would lead to economic growth and job creation. He voiced his determination to rectify what he perceives as decades of unfair trade practices, vowing that the US would “take in trillions and trillions of dollars” from this new approach. The administration had initiated an investigation into the imposition of reciprocal tariffs on all international trading partners, a process expected to conclude shortly before the new tariffs take effect.
Shortly after midnight, Trump enacted significant tariffs on imports from Canada and Mexico, marking a major shift in US trade policy. Canadian Prime Minister Justin Trudeau committed to implementing retaliatory measures against American goods, while Mexican President Claudia Sheinbaum announced similar responses. China has also retaliated, imposing tariffs on American agricultural exports and expanding restrictions on US companies operating within its borders.
In summary, President Trump’s announcement regarding reciprocal tariffs signals a significant shift in US trade policy aimed at addressing perceived inequities against American interests. The implementation of these tariffs is designed to foster domestic economic growth by ensuring fairer trade conditions with major partners such as India and China. As responses from affected nations indicate, these measures may lead to heightened trade tensions as countries engage in retaliatory actions.
Original Source: www.indiatoday.in
