US retaliatory tariffs are set to take effect from April 2 against nations imposing higher duties on American exports, President Donald Trump announced yesterday. Among the affected nations are China and India.
In his address to the joint session of Congress, Trump criticized tariffs imposed by India and other countries, including China, as “very unfair.”
Trump expressed his intent to impose tariffs on imports from foreign nations at a level equivalent to the tariffs they place on US exports.
“Other countries have used tariffs against us for decades and now it’s our turn to start using them against those other countries. On average, the European Union, China, Brazil, India, Mexico and Canada—have you heard of them—and countless other nations charge us tremendously higher tariffs than we charge them. It’s very unfair,” Trump said Tuesday night in the longest address to the Joint Session of the Congress.
“India charges us auto tariffs higher than 100 per cent…..China’s average tariff on our products is twice… and South Korea’s average tariff is four times higher. Think of that, four times higher. And we give so much help militarily and in so many other ways to South Korea. But that’s what happens. This is happening by friend and foe. This system is not fair to the United States. It never was,” he said, according to global media reports.
Trump also stated that his administration would respond to non-monetary tariffs with “non-monetary barriers.”
“They don’t even allow us in their market. We will take in trillions and trillions of dollars that create jobs like we have never seen before. I did it with China, and I did it with others, and the Biden administration couldn’t do anything about it because there was so much money, they couldn’t do anything about it,” he remarked.
“We have been ripped off for decades by nearly every country on Earth, and we will not let that happen any longer,” Trump added.
Higher tariffs on Indian exports, such as textiles, could make these products more expensive in the United States, potentially reducing demand. This may negatively impact Indian manufacturers and exporters while increasing costs for American consumers.
The announcements followed the United States’ decision to impose 25 percent tariffs on imports from neighboring countries Mexico and Canada, two of its largest trade partners.
Additionally, the United States doubled tariffs on Chinese goods from 10 percent to 20 percent, citing China’s alleged inaction on its role in fentanyl production and exports.
