United States President Donald Trump has announced to impose a 26% reciprocal tariffs on India today. Speaking at the “Make America Wealthy Again” event in the Rose Garden, Trump said that the charges imposed are not completely reciprocal in nature but partial or 'discounted.'
In his speech, Trump described Prime Minister Narendra Modi as a "great friend" but also complained that India "hasn't been treating the US right." He also pointed out that India imposes a 52% tariff on American imports, compared to which, the US charge them "nothing."
Trump also announced reciprocal tariffs of 34% on China, 20% on the European Union, 46% on Vietnam, 24% on Japan, 25% on South Korea, 10% on the United Kingdom, 36% on Thailand and 31% on Switzerland, among others.
Meanwhile, the US slapped Cambodia with 49% reciprocal tariffs, followed by Indonesia with 32% and South Africa with 30%. Brazil and Singapore will be charged at 10%.
Beyond country-specific tariffs, Trump announced 10% minimum baseline tariff for all imports into the US, affecting over 50 countries facing individualised tariffs.
Trump's Call for Domestic Manufacturing
The President further provided a solution to businesses looking to avoid these tariffs. "If you want your tariff rate to be zero, then you build your product right here in America because there is no tariff,” Trump added.
Declaring the move as a landmark shift in US trade policy, Trump said,"Reciprocal, that means they do it to us and we do it to them. This is one of the most important days, in American history. It is our Declaration of Economic Independence."
“For decades, our country has been looted, pillaged and plundered by nations near and far, both friend and foe alike,” the President added, criticising past trade practices and blamed past leaders for letting it happen.
He also stated that when it comes to trade, "friends are worse than foes."
Trump also shared a message to "all of the foreign Presidents, Prime Ministers, Kings, Queens, Ambassadors" who will be calling to ask for exemptions from tariffs.
"Terminate your own tariffs. Drop your barriers," he said.
"Today, the world starts taking us seriously. Our workforce will finally be treated fairly," says US Commerce Secretary Howard Lutnick in a post on X, echoing the same sentiment as Trump.
