President Trump has issued a warning about potential 100% tariffs on India and other BRICS nations amidst PM Modi’s visit to the US. He argues that India has some of the highest tariffs, and he intends to impose reciprocal tariffs reflective of those. This new trade strategy aims to rectify trade imbalances and could lead to significant changes in international trading relations.
US President Donald Trump reiterated his warning of implementing a 100% tariff on India and other BRICS countries during Prime Minister Modi’s visit to the United States. Notably, Trump highlighted that India imposes higher tariffs than nearly any other nation, prompting concerns from trading partners. He stated that if the BRICS grouping, which includes India, Brazil, Russia, and South Africa, replaces the US dollar as the reserve currency, they could expect these hefty tariffs. Trump’s plan for reciprocal tariffs will align the tariffs imposed by the US with those charged by other countries.
The approach taken by Trump aims to rectify perceived imbalances in international trade practices that he argues disadvantage the United States. On Thursday, he signed an executive order that directs the US Trade Representative and Commerce Secretary to assess and propose tariffs country by country. This assessment process could extend over weeks or months and lacks a clear timeline for implementation, according to officials in the White House.
Trump’s warning regarding the imposition of 100% tariffs on BRICS countries, especially India, underscores a significant shift in US trade policy. By pledging reciprocal tariffs based on foreign tariffs, the administration signals a readiness to confront what it perceives as unfair trade practices. The potential for extensive tariff changes raises the stakes for international trading relationships and could reshape the global trade landscape significantly.
Original Source: www.hindustantimes.com
