Trump Announces New Tariffs, Imposes 26% Duty On Indian Imports

New Delhi, April 3 (KNN) US President Donald Trump unveiled a new tariff policy during a ceremony at the White House Rose Garden on Wednesday, labeling the occasion as "Liberation Day."

The announcement included a 26 percent tariff on imports from India, marking a significant shift in U.S. trade policy.

Regarding the tariffs on India, President Trump acknowledged his relationship with Prime Minister Narendra Modi, calling him "a great friend" while simultaneously expressing concerns about trade imbalances.

"Their Prime Minister just left. He is a great friend of mine, but I said to him that 'you're a friend of mine, but you've not been treating us right'. India charges us 52 percent, so we will charge them half of that - 26 percent," the President explained.

The announcement included a range of tariffs on imports from multiple international trading partners.

China faces the highest rate at 34 percent, followed by Japan at 24 percent, the European Union at 20 percent, and Israel at 17 percent.

The President characterised these "reciprocal tariffs" as "kind," suggesting they could have been imposed at significantly higher rates.

These tariffs represent a substantial policy shift with potential implications for global trade relations and domestic economic conditions.

Experts anticipate significant market adjustments as these new trade measures take effect.

Commenting on the reciprocal Tariff,  Federation of Indian Micro and Small & Medium Enterprises (FISME) communique notes “The announcement could create a chilling effect on US consumer spending with consequences on India’s MSME dominated exports to US of Textiles and Apparels, Gems and  Jewellery, Marine products and Engineering”.

(KNN Bureau)