Trump speech: US president targets India, says reciprocal tariffs to kick in on April 2
World Trending news | Explore the potential impacts of Trump's tariff strategy on global trade, with a focus on the US. relations with India, China, the EU, Canada, and other key partners.
US President Donald Trump mentioned India during his address to the Congress on Tuesday (Mar 4), but not in a good light. Trump said that the United States has been "ripped off for decades" by "nearly every country on Earth" and "we will not let that happen any longer".
Trump highoghted India's 100 per cent tariff on imported American automobiles, which is a contentious issue between the two nations.
He added that reciprocal tariffs tailored to US trading partners would "kick in" on April 2 to remedy the situation.
Trump said that the US is set to see some "disturbance", but he touted levies as a tool that would help domestic industries boom.
During his first address to a joint session of Congress since returning to the White House, Trump said, "Tariffs are not just about protecting American jobs. They're about protecting the soul of our country."
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"There'll be a little disturbance, but we're okay with that. It won't be much," he said, adding that the tariffs will take in trillions and trillions of dollars and create jobs "like we have never seen before".
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'This is happening by friend and foe,' says Trump as he targets India
Taking aim at the European Union and countries including Canada, Brazil, India, Mexico and South Korea, Trump slammed "unfair" practices and said that "this is happening by friend and foe. This system is not fair to the United States, and never was".
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Trump said, "Other countries have used tariffs against us for decades and now it is our turn to start using them against those other countries. On average, the European Union, China, Brazil, India...and countless other nations charge us tremendously higher tariffs than we charge them, it is very unfair."
"India charges us tariffs 100%. The system is not fair to the US, it never was."
"On April 2, reciprocal tariffs kick in and whatever they tariff us, other countries, we will tariff them...whatever they tax us, we will tax them. If they do non-monetary tariffs to keep us out of their market, then we will do non-monetary barriers to keep them out of our market," he said.
Tariffs on China, Mexico and Canada
Trump has already imposed tariffs hitting some $1.4 trillion in US imports from Canada, Mexico and China.
The moves sent shockwaves through financial markets globally, drawing swift retaliation including announcements of counter-tariffs and other measures.
(With inputs from agencies)