Trump announces reciprocal tariffs ahead of meeting with Indian PM Modi
World: "They charge us with tax and tariffs, it's very simple we will charge them with exact tax and tariffs," US President Donald Trump said.
US President Donald Trump announced reciprocal tariffs that will affect all countries that impose tariffs on American goods. The move on Thursday (Feb 13) came ahead of his meeting with visiting Indian Prime Minister Narendra Modi. Trump said India has more tariffs than nearly any other country, Reuters reported."India charges tremendously high tariffs," he told reporters.
In an escalation on trade issues, Trump further said that whatever countries charge the US, America will charge the same, "no more, no less".
"They charge us with tax and tariffs, it's very simple we will charge them with exact tax and tariffs," US President Donald Trump said.
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'Worse than our enemies'
While speaking in the Oval Office, he told reporters that US allies were often "worse than our enemies" on trade issues. The levies would be tailored to each US trading partner and consider factors like Value Added Tax (VAT).
Tariffs won't take immediate effect
However, a White House official said that the tariffs, which Trump put into motion via an executive action Thursday, won’t take immediate effect, which is an intentional move to give nations time to potentially negotiate new trade terms with the US.Earlier in the day, Trump posted on Truth Social, "Three great weeks, perhaps the best-ever, but today is the big one: Reciprocal tariffs. Make America Great Again!!!!."
Also read: Trump, Modi to discuss defence, trade, and critical technologies; key announcements expected
The move is aimed at matching the US' tariff rates on imports to the level that other countries impose on United States goods.
For instance, if India levies a 25 per cent tariff on US automobile imports, Washington would respond by imposing a matching 25 per cent tariff on auto imports from New Delhi.
Since Trump took office for his second term as the US president, he has imposed tariffs on several countries, like Canada, Mexico, and China.
Also read: ‘Today is a big one’: Trump’s ‘reciprocal tariffs’ post ahead of his meeting with PM Modi
Moreover, Trump had recently also announced tariffs on all steel and aluminium imports beginning March 12.
(With inputs from agencies)
