President Trump announces reciprocal tariffs on countries with high tariffs on US goods, specifically targeting India and Canada. Effective April 2, these tariffs aim to counter what Trump describes as unfair trade practices. Indian officials are hopeful for a resolution as trade talks commence between the two nations.
US President Donald Trump has expressed his dissatisfaction with India’s high tariffs, announcing that reciprocal tariffs on nations imposing elevated duties on American goods will commence on April 2. During a recent press briefing in the Oval Office, he reaffirmed the administration’s commitment to imposing equivalent tariffs on countries that impose significant tariffs on US exports, stating, “India is a very high tariff nation.”
Indian officials are optimistic about negotiating a solution to mitigate these tariffs and potentially secure a trade agreement by this fall. Commerce Minister Piyush Goyal is currently in Washington to engage in discussions with his US counterpart, Howard Lutnick, about trade matters. This marks the second occasion within two days that President Trump has mentioned tariffs imposed by India.
During his address to a joint session of Congress, Trump criticized the high tariffs by India and other nations, labeling them as “very unfair.” He declared that reciprocal tariffs will come into effect next month, emphasizing that products not made in America will be subjected to tariffs, which could be substantial. Trump remarked, “Other countries have used tariffs against us for decades and now it’s our turn to start using them against those other countries.”
Additionally, Trump has targeted Canada for its significant tariffs on American milk products and lumber, highlighting that Canada imposes a 250% tariff on US milk products, indicating a reciprocal strategy against trade imbalances. He expressed, “I’ll tell you what’s a high tariff nation – it’s Canada. We have more lumber than they do.”
In summary, President Trump’s focus on high tariffs from India and Canada signals a strategic approach to international trade relations. His announcement of reciprocal tariffs indicates a firm stance against perceived unfair trade practices, with the intent to protect American industries. Ongoing discussions between US and Indian officials may provide a pathway to resolving these trade tensions.
Original Source: www.hindustantimes.com
