- Trump announces new tariffs on all countries, not just those with trade imbalances.
- India considers cutting customs duties on U.S. auto parts to strengthen trade ties.
- Markets fear a global trade war as more tariffs on key imports are planned.
Washington, D.C.: U.S. President Donald Trump has announced that his new trade tariffs will apply to all countries, not just a few with large trade imbalances. These tariffs, which he calls “Liberation Day” measures, will be introduced this week.
Trump has already imposed tariffs on aluminum, steel, and automobiles. He has also increased duties on all imports from China. Speaking aboard Air Force One, Trump said, “You’d start with all countries.”
Earlier, White House economic adviser Kevin Hassett had said that the tariffs would mainly focus on 10 to 15 nations with high trade deficits with the U.S. However, Trump’s new statement confirms a broader approach.
India is considering reducing or eliminating customs duties on auto parts imported from the U.S. Officials believe this move will not harm the domestic industry and will strengthen trade relations between the two countries.
Trump sees tariffs as a way to protect the American economy from unfair competition. However, many fear that these new taxes could lead to a global trade war, affecting markets and raising recession risks.
The president has promised that the tariffs will be “reciprocal,” meaning the U.S. will charge the same amount other countries impose on American goods. He has mentioned nations like the European Union, South Korea, Brazil, and India as possible targets.
Trump has also announced new tariffs on pharmaceuticals, copper, lumber, and oil imports from Venezuela. Goods from China now face a 20% tariff due to its role in fentanyl production. Canada and Mexico have also been hit with separate tariffs.
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