US President Donald Trump is going to install mutual tariffs from 2 April. Countries around the world are worried about what will be the attitude of Donald Trump towards him. India is also included in the list of countries affected by these tariffs. India has taken some steps in the past to avoid Trump’s tariff, but it does not seem that Donald Trump is happy with it. In such a situation, tomorrow is also a big day for India.
India’s name was taken again
Donald Trump has said that mutual tariffs will apply to all countries, not only 10 to 15 countries with the largest business imbalance. Its clear meaning is that whatever will happen on April 2 will affect the whole world. Trump believes that the US has faced huge trade deficit over the years due to lack of uniform tariffs. The new tariffs will protect the American economy from unfair global competition and will make it stronger than before. Meanwhile, the White House made the US intentions clear by mentioning India in a statement on Tuesday. White House Press Secretary Caroline Lewitt said that India imposes 100% fee on US agricultural products.
These countries are monitored
According to a CNBC report, Trump’s National Economic Council Director Kevin Haset said in an interview that the US government is mainly monitoring 10 to 15 countries that are contributing the most to America’s trade deficit. Although Haset did not name those countries, the data from the Department of Commerce shows that in 2024, America’s trade deficit with China will be the highest. It is followed by the European Union, Mexico, Vietnam, Ireland, Germany, Taiwan, Japan, South Korea, Canada, India, Thailand, Italy, Switzerland, Malaysia, Indonesia, France, Austria and Sweden. If seen from this point of view, these countries are likely to have the most impact.
India ready for a big cut!
India is constantly trying to find a middle way on this issue. The Minister of Commerce and Industry has also visited America on this issue. Some reports show that India is also ready to cut duty on US imports of $ 23 billion. Trump is also aware of such reports. He said on Tuesday that he heard that India is now going to reduce tax on American goods. He also said that the decision to increase the tariff will improve the policies of many countries.
Will these companies suffer losses?
At the same time, a report states that Donald Trump’s tariff could cause huge losses to India’s pharma, chemical, textile and garment, auto parts, agriculture, engineering and solar sectors. India’s position in pharma exports is strong. India is one of the largest exporters of generic drugs in the world. The US imposes zero duty on imports of drug products, while India imposes about 10% duty on US drug imports. According to mutual tariffs, America can also impose 10% tariff.
