The United States has announced retaliatory tariffs on several countries, including India. US President Donald Trump described this move as a declaration of economic independence. Tariffs have also been imposed on allies such as the UK and the European Union.
A 10% tariff has been imposed on all imported goods entering the US. However, recognizing his friendship with Indian Prime Minister Narendra Modi, Trump imposed a 26% discounted tariff on India.
The US has levied additional tariffs on aluminum, steel, and automobile imports from India. While America charges only 2.4% tariff on vehicle imports, Trump criticized countries like Thailand (60%), India (70%), and Vietnam (75%) for imposing significantly higher tariffs. Additionally, a 25% base tax has been set for foreign vehicles.
Trump announced the new tariff policy at the ‘Make America Wealthy Again’ event held in the White House’s Rose Garden. The tariff rates include 34% on China, 20% on the European Union, 24% on Japan, and 29% on Pakistan.
