US President Donald Trump has announced to impose 26% 'discounted' reciprocal tariffs on India as per the US government calculation. 

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He called Indian Prime Minister Narendra Modi "a great friend", however adding that "he hasn't been treating us right."

While speaking at the White House event, the US president said he is implementing "reciprocal tariffs" on all countries of "approximately half" of what they charge the US. 

Also read: Trump tariffs announcement LIVE: Trump announces 25% tariff on all foreign automakers as he begins 'liberation day' event

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He explained that if China charges the US a tariff of 67%, so the United States will charge China a 34% tariff.

Bringing out a chart to show the audience, he showed that the US will charge the European Union a 20% tariff, Vietnam a 46% tariff, Taiwan 32%, Japan 24%, India 26%, South Korea 25%, Thailand 36% and more.

Trump said that the tariffs has announced will generate “$6 trillion in investments”. He further warned the world leaders, saying that if they want an exemption to his “reciprocal tariffs” should change their trade policy.

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Also read: 'US has been looted, raped': Trump to sign executive order on 'reciprocal tariffs' to usher in 'golden age of America'

“Terminate your own tariffs, drop your barriers, don’t manipulate your currencies,” he said, “and start buying tens of billions of dollars of American goods.”

Trump said that he doesn’t place the blame on other countries for “this calamity.”

“I blame former presidents and past leaders who weren’t doing their job. They let it happen, and they let it happen to an extent that nobody can even believe. That’s why, effective at midnight, we will impose a 25% tariff on all foreign-made automobiles,” the president said.

He further said that today is one of the most important days” in American history. “It’s our declaration of economic independence,” Trump said.

Also read: ‘Liberation Day’: Biggest questions on Trump’s reciprocal tariffs answered

The president said the United States would use the money generated from tariffs to “reduce our taxes and pay down our national debt.”

At the beginning of the event, the US president also said that the tariffs he is implementing today will go into effect at midnight. They will include a 25% tariff on all foreign-made automobiles.

Also read: Trump tariff threat: 'Tariffs are effective tool in achieving economic objectives', stresses White House

(With inputs from agencies)