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Washington: What big announcements can Donald Trump (Trump’s) make on import duty today? Which countries can come under the purview of his tariff-related announcements? What will be the effect of Trump’s reciprocal tariff on India and which industries of the country are most likely to be affected by it? Apart from this, will Trump’s announcement of imposing tariff benefit America or harm it? Let’s find out…
US President Donald Trump is going to announce reciprocal tariff i.e. retaliatory import duty against many countries from April 2. Trump has also given a special name to this day – Liberation Day. However, economic experts have termed his announcement as the day to wage a trade war against the world.
In fact, Trump says that many countries impose heavy tariffs on American products, while America charges less import duty on the products of those countries. The US President believes that because of this, the US has to bear a trade deficit of 1 trillion dollars, which is harmful for American industries and workers.
In such a situation, it is important to know what big announcements Donald Trump can make on import duty today? Which countries can come under the purview of his tariff-related announcements? What will be the impact of Trump’s reciprocal tariff on India and which industries of the country are likely to be most affected by it? Apart from this, will Trump’s announcement of imposing tariff benefit the US or harm it? Let’s know…
What can be Trump’s big decisions?
According to the US President himself, he is going to announce retaliatory tariffs on all those countries which levy duty on the import of American products. Trump has clearly said that he will impose the same tariff on every country as the other country imposes on American products.
Trump says that America’s import duty will depend on industry by industry or product by product in every country. This means that the industry which imposes higher import duty will have to bear the same retaliatory tariff. This means that different tariffs can be imposed on different industries of the same country.
Another section of the Trump administration says that these tariffs can also be imposed on different countries on an average basis. For example, if a country imposes a 30% tariff on American cars and a 20% tariff on the pharma sector, then the Trump administration can impose an average retaliatory tariff of 25% on the products of the entire country.
White House trade advisor Peter Navarro told Fox News on Sunday that the US can raise $600 billion every year from these tariffs, which means that the average import duty on all countries will be around 20%.
