Donald Trump Tariffs News: America has announced the imposition of a 26 percent reciprocal tariff on India after discount. However, the Indian government is not considering it a big setback. According to top sources in the Ministry of Commerce, India…Read more
Donald Trump Tariffs News: US President Donald Trump announced the imposition of heavy tariffs on global imports late on April 2. This has further increased the risk of inflation rising worldwide. After Donald Trump’s announcement regarding tariffs, Asian stock markets are trading with a decline. However, India’s pharma sector is going to remain untouched by these tariffs. In such a situation, the shares of pharmaceutical companies were seen trading with a sharp jump. On the other hand, the Indian government does not consider this tariff as a big setback. According to sources in the Ministry of Commerce, India is expected to get exemption under Section 4 of Trump’s order.
Under the ‘reciprocal tariff‘, the US announced to impose a 34% tariff on China, 20% on the European Union, 25% on South Korea, 26% on India, 24% on Japan, and 32% on Taiwan. US President Trump specifically mentioned India and said that India imposes a 70% tax on American motorcycles, while the US only charges a 2.4% tax on Indian motorcycles. He said that this is not fair and now the US will also impose the same tax.
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The US’s 25% tariff on all foreign-made automobiles has come into effect from midnight of April 2. On the other hand, before Trump’s announcement on the tariff, the Indian Commerce Ministry was continuously talking to the US administration and there were chances that Trump might be lenient towards India. However, the US President has not given much concession to India. However, according to Trump, a ‘tax with discount’ has been imposed on India.
After Donald Trump’s announcement on tariffs, bonds surged and the dollar gained momentum. Japan’s index, Nikkei, has fallen by more than 4 percent. At the same time, late at night, GIFT Nifty settled with a decline of 1.2 percent. But due to the decline in the Asian market, pressure can also be seen in the Indian market.
