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Trump's first round of tariffs on India kicks in: ‘Billions of dollars now flowing into US’
Donald Trump announced 25 per cent tariffs on Indian imports last week, and the duties have taken effect today.
It is August 7 in the United States and President Donald Trump's deadline for imposition of reciprocal tariffs has ended. With this, the 25 per cent reciprocal tariffs that Trump announced for India last week have taken effect.
Trump celebrated the development through a post on Truth Social, saying billions of dollars are flowing into the US with the imposition of the reciprocal tariffs.
“It's midnight!! Billions of dollars in tariffs are now flowing into the United States of America!” Trump wrote in all capital letters. In a post made prior to this one, Trump said that the big amounts of money would flow in from countries that have “taken advantage” of the US for years.
“The only thing that can stop America's greatness would be a radical left court that wants to see our country fail!" the US President wrote.
Trump had announced tariff rates for nearly 70 nations as he signed executive orders last week. The duties announced ranged from 10 per cent to much higher from some countries like Laos, Myanmar and Syria.
According to Bloomberg Economics estimates, the tariffs would push the average US tariff rate to 15.2%, the highest since World War II and way above 2.3% last year.
Trump had announced 25 per cent tariffs on Indian imports last week, citing its “far too high” tariffs and trade barriers. He also cited India's purchase of energy and military equipment from Russia as one of the reasons for the move, announcing additional penalties on India for the same.
Days later, Trump announced additional 25 per cent tariffs for India, doubling the duties to 50 per cent. However, the extra levy on Indian imports will take effect on August 27.
In a push for bringing manufacturing back to the US, Trump on Thursday announced 100 per cent tariffs on imports of semiconductors, barring for companies that are manufacturing in America or have committed to do so.
