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New Delhi: US President Donald Trump has announced the imposition of an additional 25 per cent tariff on Indian goods.
This tariff comes on top of the previous 25 per cent imposed earlier on India, taking the total to 50 per cent. Trump cited New Delhi's continued purchase of Russian oil as the reason behind imposing the additional 25 per cent tariff. In such a scenario, a question arises: How does India fare in this US tariff game compared to other countries?
Yes, in the form of Brazil. The US has hit the Latin American country with a 50 per cent tariff. Behind India and Brazil is Switzerland, with a 39 per cent tariff from the US, Canada and Iraq at 35 per cent. Below this row lies China, which the US has hit with a 30 per cent tariff.
Donald Trump has also decided to impose 'reciprocal' tariffs. The amount ranges from 10 per cent to 41 per cent, and they have been imposed on imports from 69 countries and territories, applicable from August 7. Also, the US administration has increased the deadline for Mexico by 90 days.
Initially, Brazil was facing a 10 per cent reciprocal tariff. However, from August 1, it was hit with an additional 40 per cent tariff since the US did not like the prosecution of former Brazilian president Jair Bolsonaro, and the total went up to 50 per cent.
Both Japan and South Korea managed to secure 15 per cent tariff deals with the US towards the end of July. Taiwan was initially hit with a 32 per cent tariff in April, but then it was reduced to 20 per cent. Notably, Taiwan is a key ally of the US.
Vietnam managed to bring down its tariff rate from 46 per cent to 20 per cent. Countries like Bangladesh, Sri Lanka, Cambodia, Indonesia, Malaysia, the Philippines, and Thailand have been hit with a 19 per cent to 20 per cent tariff. Brunei is facing a higher tariff rate of 25 per cent. Laos and Myanmar have been hit with a 40 per cent tariff, while Singapore is facing a meagre tariff rate of 10 per cent.
Meanwhile, Pakistan's tariff rate of 19 per cent is the lowest among all South Asian countries. Notably, Trump has inked a deal with Pakistan about its oil reserves and said, "We are in the process of choosing the oil company that will lead this partnership." He even said that in future, India might import oil from Islamabad. On the other hand, countries like Fiji, Afghanistan, Papua New Guinea, and Nauru are each facing a 15 per cent tariff, while Kazakhstan is facing a 25 per cent tariff.
