US President Donald Trump declared reciprocal tariffs on countries, including India, in his address at the US Congress. Trump claimed that other countries have used tariffs against the country for decades and it was the US' turn to start using these tariffs against other countries.
This comes a day after the US' reciprocal tariffs on Canada, China and Mexico came into effect.
Trump's address to Congress began with the declaration, “America is Back”. Going over topics like tax cuts, tariffs and the energy sector, Trump outlined the objectives of the tariffs that his administration has announced.
"On average, the European Union, China, Brazil, India and countless other nations charge us tremendously higher tariffs than we charge them. It is very unfair. India charges us tariffs, 100%. The system is not fair to the US, it never was," he said. China's average tariff is twice what is charged on the country and South Korea's average tariff is four times higher, Trump claimed.
"On April 2, reciprocal tariffs kick in and whatever they tariff us, other countries, we will tariff them. Whatever they tax us, we will tax them," said Trump.
This also comes as India's Commerce and Industry Minister Piyush Goyal is on a two-day visit to Washington DC — his first such visit— to meet the freshly inducted Trump administration.
"If they do non-monetary tariff to keep us out of their market, then we will do non-monetary barriers to keep them out of our market," the US President said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
