Donald Trump announces 27 per cent reciprocal tariff on India

The US has announced 27 per cent reciprocal tariffs on India saying New Delhi imposes high import duties on American goods as the Donald Trump administration aims to reduce the countryrsquos trade deficit and boost manufacturing The move is expected to impact Indiarsquos exports to the US However experts say that India is betterplaced than its competitors who also face more levies60 countries targetedPresident Trump in a historic measure to counter higher duties on American products imposed globally announced reciprocal tariffs on about 60 countries ldquoThis is Liberation Day a longawaited moment April 2 2025 will forever be remembered as the day American industry was reborn the day Americarsquos destiny was reclaimed and the day that we began to make America wealthy again We are going to make it wealthy good and wealthyrdquo Trump said in his remarks from the Rose Garden at the White House on WednesdayUS always pays more tariffsHe said that the US charges other countries only a 24 per cent tariff on motorcycles but Thailand and others are charging much higher rates like 60 per cent India 70 per cent Vietnam 75 per cent and others charge even higher rates As he announced the tariffs he held up a chart that showed tariffs that countries such as India China the UK and the European Union charge along with the reciprocal tariffs now levied on these countriesFriend not treating us rightThe chart indicated that India charged 52 per cent tariffs including currency manipulation and trade barriers and the US would now charge India a discounted reciprocal tariff of 26 per cent But according to White House documents there will be a 27 per cent duty on IndialdquoIndia very very tough The prime minister is a great friend of mine but I said yoursquore a friend of mine but yoursquore not treating us right They charge us 52 per cent We charge them almost nothing for years and years and decades and it was only seven years ago when I came in that we started with Chinardquo Trump saidWorld markets take a hitShares in Europe and Asia and US futures tumbled on Thursday The future for the SampP 500 dropped 31 per cent while that for the Dow Jones Industrial Average lost 26 per cent Germanyrsquos DAX fell 17 per cent to 2199848 while the CAC 40 in Paris lost 18 per cent to 771666 Britainrsquos FTSE 100 shed 12 per cent to 850644 In Asian trading Tokyorsquos Nikkei 225 index dipped 4 per cent briefly with automakers and banks taking big hits It closed down 28 per cent at 3473593China vows countermeasuresChina said it would adopt countermeasures after Trump imposed 34 per cent tariffs on its over 438 billion imports to America the countryrsquos third largest export market and urged Washington to immediately cancel these duties ldquoThere is no winner in a trade war and protectionism leads nowhererdquo said a spokesperson for the Ministry of CommerceMajor blow to worldTrumprsquos announcement of a new 20 per cent tariff on the EU drew a sharp rebuke from European Commission President Ursula von der Leyen She said it was a major blow to the world economy and the consequences ldquowill be dire for millions of peoplerdquo Groceries transport and medicines will cost more she said ldquoand this is hurting in particular the most vulnerable citizensrdquo Von der Leyen acknowledged that the world trading system has ldquoserious deficienciesrdquo and said the EU was ready to negotiate with the US but also was prepared to respond with counter measuresThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever