Donald Trump plans to impose reciprocal tariffs on key trading partners including India, effective April 2. His announcement follows recent tariffs on imports from Canada and Mexico, as well as China. He has criticized the high tariffs imposed by these countries and claims these measures will foster economic growth and job creation in the U.S.
U.S. President Donald Trump has announced that reciprocal tariffs will take effect on April 2, targeting key trading partners, including India. This announcement follows the implementation of new tariffs on Canadian and Mexican imports and a hike in tariffs on Chinese goods, leading to retaliatory actions from those countries. During his address to Congress, Trump emphasized the fairness of these measures and claimed that other nations have used tariffs against the U.S. for years.
Trump declared that the U.S. has been disadvantaged by historically high tariffs imposed by nations including the European Union, India, and China, stating that tariffs on American products are unjust. Specifically, he mentioned that India imposes tariffs exceeding 100%, while China’s average tariff is significantly higher than U.S. tariffs. Trump positioned the upcoming reciprocal tariffs as necessary for correcting these inequities.
The President further stated, “If they use non-monetary tariffs to keep us out of their market, then we will use non-monetary barriers to keep them out of our market.” He expressed confidence that these tariffs would lead to significant economic growth and job creation, reinforcing his commitment to challenging longstanding trade imbalances. Last month, he called for an investigation into these unfair trade practices, which was intended to conclude by April 1.
On April 1, the U.S. implemented a 25 percent tariff on imports from Mexico and Canada, while setting a lower rate of 10 percent on Canadian energy. In response, Canadian Prime Minister Justin Trudeau announced tariffs on over $100 billion worth of U.S. goods within 21 days, while Mexican President Claudia Sheinbaum indicated plans for retaliatory measures. Simultaneously, China has also retaliated with tariffs on American agricultural products and increased restrictions on U.S. companies.
In summary, President Trump’s upcoming reciprocal tariffs aim to address perceived unfair trade practices by key partners such as India, Canada, Mexico, and China. His statements underline a strategy to rectify trade imbalances that have historically favored other countries. These actions have already prompted retaliatory tariffs and indicate a significant shift in U.S. trade policy.
Original Source: www.indiatoday.in
