'IT’S MIDNIGHT': Trump tariffs in effect NOW, US president points out only thing stopping America's 'greatness'

US President Donald Trump said on Thursday (Aug 7) that his tariff regime has begun, and money is now flowing into America. In a social media post, the US president said that countries that have taken advantage of the US for many years will now pay. He also slammed the US courts, saying that "only a radical left court" wants to see the country fall. Just before midnight, he had declared in a social media post that 'reciprocal tariffs take effect at midnight tonight'. On August 1, Trump issued an executive order late on Thursday (July 31) to increase and modify tariffs on its trading partners, citing an ongoing national emergency. This was in continuation of his ‘Liberation Day’ tariffs that he announced on April 2. He had paused the April 2 tariffs, giving countries a window of 90 days to sign a trade deal with America. The new tariff structure ranged from 10 per cent to 41 per cent, depending on the country and product type. He then announced additional tariffs on India for buying Russian oil and warned about doing the same with other nations.

Trump's additional 25 per cent tariff on India

Trump signed an executive order on Wednesday (Aug 6) announcing that India will face an extra 25 per cent tariff over and above the 25 per cent rate announced last week. While the 25 per cent rate is effective from August 7, 2025, the newly announced additional tariff will come into place 21 days from now. "The ad valorem duty imposed...shall be in addition to any other duties, fees, taxes, exactions, and charges applicable to such imports...," the order said. "I find that the Government of India is currently directly or indirectly importing Russian Federation oil. Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent," it said.

The Ministry of External Affairs reacted to the additional import tariff and called it “unfair, unjustified and unreasonable”, adding that “India will take all actions necessary to protect its national interests”. "The United States has in recent days targeted India’s oil imports from Russia. We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India," said the MEA in its statement.