U.S. President Donald Trump announced reciprocal tariffs against major trading partners, including India, starting April 2. This decision followed significant tariff increases on imports from Canada, Mexico, and China, leading to retaliatory actions. Trump claims these measures will rectify unfair trade practices and bolster U.S. economic growth and job creation.
US President Donald Trump has announced he will implement reciprocal tariffs on major trading partners, including India, starting April 2. This pledge follows his recent imposition of a 25 percent tariff on imports from Canada and Mexico, combined with a 20 percent tariff increase on Chinese imports. These actions have spurred retaliatory measures from these countries against the United States.
Trump articulated his reasoning behind the tariffs during a joint address to Congress, highlighting the perceived unfair trade practices from nations such as the European Union, China, Brazil, and India. He claimed that the tariffs imposed by these countries are significantly higher, noting that India charges tariffs exceeding 100 percent, while China and South Korea have doubled and quadrupled tariffs on US goods, respectively.
The President emphasized that the US has long been at a disadvantage in international trade, stating, “Other countries have used tariffs against us for decades, and now it is our turn to start using them against those other countries.” He vowed that the upcoming tariffs would ensure the US benefits economically, projecting substantial job creation and revenue generation from these trade policies.
In the past month, Trump requested an investigation into potential reciprocal tariffs on all trading partners, with expectations of completion by April 1. Following the implementation of tariffs on Canadian and Mexican goods, both countries have pledged retaliatory tariffs, with Canada targeting over $100 billion in American goods.
China has also reacted by imposing tariffs of up to 15 percent on American agricultural exports while broadening restrictions on US companies. This escalating trade conflict emphasizes the growing tension between the US and its key trading partners, as they respond to each other’s tariffs with levies and other restrictive measures.
Trump’s introduction of reciprocal tariffs signals a shift in US trade policy, aimed at addressing perceived unfair practices by other nations. This announcement follows significant tariff increases against Canada, Mexico, and China, prompting retaliation from these nations. The President’s focus on job creation and economic growth positions tariffs as a cornerstone of his administration’s trade strategy.
Original Source: www.indiatoday.in
