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US President Donald Trump finally imposed reciprocal tariffs on all countries of the world on April 2 (US time). Trump has imposed a 26 percent tariff on India, while a 34 percent tariff has been imposed on his biggest competitor China. Donald Trump announced the plan for reciprocal tariffs during a speech at the White House. Tariffs have been imposed on a group of countries at a rate almost half that of the tariffs levied on the United States.
Market declines after tariffs are imposed
President Donald Trump declared a national economic emergency. US stock markets as well as Asian markets fell sharply early on Thursday morning after Trump’s decision to impose tariffs. Japan’s benchmark Nikkei 225 index fell at least 4% shortly after opening on Thursday after Trump announced sweeping global tariffs. Trump has announced a 24% reciprocal tax on Japan. Imposing reciprocal tariffs could accelerate the growing trade war and its impact can also be seen on the global economy.
Big tariff imposed on these countries
European Union – 20%
Vietnam – 46%
Thailand – 36%
Japan – 24%
Cambodia – 49%
South Africa – 30%
Taiwan – 32%
These countries have threatened to impose retaliatory tariffs
According to the news, China, the second largest importer of America after Mexico, will now have to face higher tariffs. According to the Global Times, China has repeatedly expressed its strong disagreement and strong opposition to the imposition of additional tariffs by the US on imports from China. China’s Ministry of Commerce said that the country will take retaliatory measures to firmly defend its rights and interests. Beijing, along with the European Union, Japan and South Korea, have already threatened to impose retaliatory tariffs.
Only 10% baseline tariff will be imposed on these countries
Only the base rate will be applicable on many countries, which will come into effect from April 5. These countries include:
United Kingdom
Singapore
Brazil
Australia
New Zealand
Turkey
Colombia
Argentina
El Salvador
United Arab Emirates
Saudi Arabia
Domestic players will be affected in India!
According to PTI news, India’s top exporting organization FIEO said on Thursday that the 26 percent tariff or import duty imposed on India by US President Donald Trump will undoubtedly affect domestic players. However, Ajay Sahai, Director General and CEO of FIEO (Federation of Indian Export Organizations), also said that India is in a better position than many other countries. He expressed hope that the proposed bilateral trade agreement, which is currently being negotiated between the two countries, will be concluded soon, as it will provide relief from these mutual tariffs.
