US President Donald Trump on Tuesday said his administration had secured a series of “historic trade deals” with major global economies, even as his government prepared to slap steeper tariffs on Indian imports.
Speaking to reporters at the White House, Trump listed countries where he claimed his administration had rebalanced trade.
“We have secured historic trade deals with the United Kingdom, China, Indonesia, Vietnam, the Philippines, Japan, South Korea and the European Union,” Trump said.
He also stressed the impact on Washington’s coffers, he said, “Foreign nations are now paying hundreds of billions of dollars straight into our treasury… We are receiving trillions of dollars, far beyond billions.”
Trump has repeatedly used tariffs as a tool to pressure foreign governments, arguing they strengthen the US economy and protect American workers.
ADDITIONAL TARIFFS ON INDIA
Amid this, the US Customs and Border Protection (CBP) issued a draft notice announcing higher duties on Indian products.
The CBP move follows Trump’s August 6 Executive Order 14329, titled “Addressing Threats to the United States by the Government of the Russian Federation.”
According to the draft, to be formally published on August 27, tariffs on Indian goods are set to rise to 50 per cent. The notice said the Secretary of Homeland Security had ordered modifications to the Harmonized Tariff Schedule of the United States (HTSUS) to enforce the directive.
The CBP clarified the duties would take effect from 12:01 am (EST) on August 27. From that time, all Indian imports for consumption in the US, or withdrawn from bonded warehouses, would face the higher rate.
The latest step marks a sharp escalation. Just weeks ago, Trump announced on July 30 that Indian goods would face an additional 25 per cent tariff.
At the time, the US President took to Truth Social to justify the move, writing, “Remember, while India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country.”
He also criticised New Delhi’s longstanding energy ties with Moscow.
“Also, they have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE – ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25 per cent, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST 1st. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!” Trump declared.
INDIA VOWS TO WITHSTAND PRESSURE
Prime Minister Narendra Modi responded by striking a defiant tone during am address in Ahmedabad.
“No matter how much pressure comes, we will keep increasing our strength to withstand it,” Modi said. “Today, the Atmanirbhar Bharat Abhiyan is getting a lot of energy from Gujarat and behind this are two decades of hard work…”
– Ends
With inputs from agencies
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