Donald Trump unleashes new tariff storm, India and Canada among 69 countries to be hit
US President Donald Trump has unleashed a new executive order which calls for imposing import tariffs on 69 countries and the 27-member European Union. Trump signed the order on Thursday.
Washington: US President Donald Trump has unleashed a new executive order which calls for imposing import tariffs on 69 countries and the 27-member European Union. Trump signed the order on Thursday.
President Trump imposed fresh tariffs on imports to the US from several American trading partners including Canada, Brazil, India and Taiwan.
Trump’s executive order mentioned that 35% duty will be imposed on several goods coming from Canada, 50 percent tax on Brazil products, 25% for India, 20% for Taiwan and 39% for Switzerland.
The executive order further mentioned that the countries which are not listed would be charged with 10% US import tax.
Meanwhile, the Trump administration said that more trade deals were on its agenda. The US president has maintained that tariffs are a way to close trade deficits and boost American factories.
Tariff war: How Modi govt plans to protect national interest
Reacting to Trump’s announcement of a 25 per cent tariff plus a penalty on domestic exports to America from August 1, Commerce and Industry Minister Piyush Goyal informed the Parliament on Thursday that India will take all necessary steps to safeguard and promote national interest.
Goyal said the government is examining and contemplating on the implications of the tariffs announced by America and is also in discussions with stakeholders.
"The government attaches the utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry. We will take all necessary steps to secure and advance our national interest," he said.
Trump has announced that a 25 per cent tariff will be imposed on all goods coming from India starting August 1 for buying Russian crude oil and military equipment.
Notably, Trump’s new tariff announcement comes ahead of the sixth round of negotiations for the proposed bilateral trade agreement.
Trump hit out against India and Russia, saying two countries can take their "dead economies down together".
"I don't care what India does with Russia. They can take their dead economies down together, for all I care," he said.