US President Donald Trump has announced new trade tariffs that will impact numerous countries, prominently including India. These tariffs range from 10% to 50%, with Indian goods specifically targeted by a 25% import duty. This decision was revealed just hours before a crucial trade deadline on August 1, catching global markets and trade partners off guard.
The intent behind this aggressive tariff policy is to significantly alter the current global trade framework. The Trump administration’s frustration is reportedly linked to India’s ongoing import of discounted Russian oil, despite global sanctions. This has led to heightened tensions in diplomatic trade negotiations between the US and India.
Statements and Reactions
- US Treasury Secretary Scott Bessent acknowledged the complexity of resolving trade differences with India, stating these issues “won’t be resolved overnight.”
- Trump’s new tariffs follow earlier duties imposed on other countries such as Canada and Brazil, contributing to growing worries about increasing costs for consumers and businesses globally.
- Indian political leaders like BSP chief Mayawati have criticized the US’s tariff move, simultaneously urging the Indian government to use this challenge to boost national self-reliance.
Looking Ahead
The tariffs are scheduled to come into effect on August 7, allowing a short window for governments and industries to adjust to the new economic environment. This evolving trade conflict is likely to have far-reaching consequences for global markets and the bilateral relationship between the US and India.
For ongoing updates on this developing story, stay connected with Questiqa World News.
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