Big Jolt: Donald Trump Slaps Whopping 26 Per Cent Tariffs On India

Donald Trump Slaps Tariffs On India: US President Donald Trump announced a whopping 26 per cent 'reciprocal tariff' on India. Slapping a series of reciprocal tariffs on America's trade partner nations across the globe, Trump said that the tariffs are ‘kind reciprocal’. Mentioning that PM Narendra Modi is a ‘great friend’, Trump said that India has not been ‘treating the US right’ and imposing 67 per cent tariffs on the US. 

In his 'Liberation Day' address from Rose Garden, Trump said that the move will make America 'wealthy' again. Mentioning that India charges ‘70%’ tariffs to American products, Trump said that 'friends are worse than foes' and blamed former US Presidents for the disparity in tariffs in the US.

Making a special mention of India and reiterating his bonhomie with PM Narendra Modi, Trump said - “… very very tough, PM Modi, he just left,  he's a great friend of mine, but I said you're a friend of mine, but you're not treating us right. They charge us 52%.”

Also read: BREAKING: Donald Trump Announces 26% Reciprocal Tariffs on Imports From India
 

Reiterating his election slogan of 'Make America Great Again', Trump announced that jobs and factories will come back to the US as a result of his tariff decision. Trump said that China imposes 67 per cent tariffs on the US and added that the US will charge a 34 per cent discounted tariff on Beijing. The EU, he said, will be charged at a whopping 20 per cent. “Vietnam charges us 90%, we are going to charge them 60 per cent,” he said.

Donald Trump Announces Reciprocal Tariffs On India: Watch

Donald Trump's Tariffs: Full List Of US Tariffs On Various Countries

• US to impose a 26% tariff on India
• US to impose a 34% tariff on China
• US to impose a 20% tariff on the EU
• US to impose a 24% tariff on Japan
• US to impose a 10% tariff on the UK
• US to impose a 46% tariff on Vietnam
• US to impose a 17% tariff on Israel

Donald Trump's Tariffs: How Markets Reacted To the US President's Announcement

Shortly before Trump's announcement, the US markets were trading higher. At 1.30 am, minutes before Donald Trump announced the tariffs, the Dow Jones Industrial Average was up 0.56 per cent, while the tech-heavy Nasdaq was up 0.87 per cent, followed by the S&P 500, which was up 0.67 per cent. Shortly after the announcement, however, S&P futures were down 1 per cent.