President Donald Trump is set to announce his much-anticipated reciprocal tariffs today, with markets and governments worldwide bracing for the impact of the new trade policy. Dubbed "Liberation Day" by Trump, the move is intended to reduce the United States' reliance on foreign goods by imposing tariffs on a broad range of nations.
In a bold statement, Trump declared that the tariffs would target "all countries," leaving no room for speculation that the measures would focus on a select group of nations. "You would start with all countries, so let's see what happens," Trump told reporters, signaling the expansive nature of the plan. He added that he had not heard rumors of focusing on only 10 to 15 countries, emphasizing that the tariffs would apply across the board.
Ahead of the announcement, Trump also made claims about India potentially reducing its tariffs on American products, suggesting that several countries would follow suit by cutting their levies on U.S. goods. “I think a lot of countries will drop their tariffs because they have been unfairly tariffing the United States for years,” Trump said, expressing optimism that countries like India would ease their trade restrictions.
The White House had previously highlighted the imbalanced trade practices, citing examples such as a 100 percent tariff imposed by India on U.S. agricultural products, a 50 percent tariff by the European Union on American dairy, and a 700 percent tariff by Japan on American rice. White House Press Secretary Karoline Leavitt presented charts to underscore these discrepancies, warning that these unfair trade practices would no longer be tolerated.
India remains a significant trade partner for the U.S., with bilateral trade reaching a substantial $35.32 billion in goods in 2023-24. The U.S. has consistently maintained a trade surplus with India, with the figure growing from $17.26 billion in 2019-20 to $35.32 billion in the latest year. To address ongoing trade issues, India and the U.S. have agreed to engage in sector-specific discussions in the coming weeks to finalize the framework of a proposed bilateral trade agreement (BTA).
As Trump prepares to unveil his new tariff strategy, the global community will be closely watching how these sweeping changes will affect international trade relations and the U.S. economy.
(This story is published from a syndicated feed)