The issue of reciprocal tariffs has become a worldwide point of attention ever since the new US President Donald Trump announced that he would be applying reciprocal tariffs on countries who have imposed import duties on US products. There are many countries that have high tariffs on foreign products, and there are chances that many countries could face the wrath of the same.
What are Trump's 'reciprocal tariffs'?
According to President Trump, those countries that have import duties imposed on US-made goods in their respective nations will see an equal tariff percentage for their goods when they are sent to the US.
According to White House press secretary Karoline Leavitt, this could now
become official after Indian PM Narendra Modi meets President Trump on
Thursday. According to an NBC News report, this factor is something that
President Trump believes strongly in, and the simple concept of it is 'if
they charge us, we charge them'.
India to consider cutting tariffs?
According to a Reuters report, PM Modi is preparing to cut India's tariffs in applicable sectors right before the meeting with President Trump, which could help them avoid any potential trade war with the United States, as there are key Indian business sectors that do trade in the US, and they could be affected by these reciprocal tariffs.FAQs:
Is PM Modi considering slashing tariffs?In order to avoid any potential trade war with the US, India may consider cutting down its tariffs across multiple sectors soon.What are Trump tariffs?President Trump has called for an imposition of applying tariffs for products imported to the US from certain countries.