In the early days of his presidency, Donald Trump started a tariff war with countries like Canada, China, and Mexico. But things took a new turn when he introduced the idea of reciprocal tariffs. Watch the video to know more.
On February 1, US President Donald Trump announced to imposition of a tariff of 25 per cent on exports from Canada and Mexico along with 10 per cent on goods from China. The tariffs were to go into effect on Tuesday (February 4).
US President Donald Trump’s recent tariffs on imports from China, Mexico, and Canada are creating ripples in the global economy. How will this impact Indian economy? Watch the video to know more.
US President Donald Trump said that the American people may feel 'some pain' as countries react with retaliatory measures against tariffs. He said the pain would be worth the price, and that must be paid.
US imposes tariffs: The US President has taken action under the International Emergency Economic Powers Act (IEEPA), emphasising the need to protect Americans and fulfil a campaign promise.
The US move was announced on the same day that the Trump administration also reimposed tariffs on Brazil and Argentina, two countries historically allied with Washington.
"Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers," Efe news quoted the US President as saying in a tweet on Monday. "Therefore, effective immediately, I will restore the Tariffs on all steel & aluminium that is shipped into the US from those countries," he added.
Airtel on Monday said it will start increasing rates for mobile services in December. The telecom sector is highly capital intensive with fast changing technology cycles that require continuing investments and therefore, extremely important that the industry remains viable to support the vision of Digital India, Bharti Airtel said in a statement on Monday.
Asserting that India's move to increase tariffs on the US apples has hit the farmers hard, a top American lawmaker has urged the Trump administration to ask New Delhi to reduce the duty for the country's apple growers.
Despite the ongoing US-China trade tensions, the Cupertino-based iPhone maker is reportedly moving production of its newly-launched Mac Pro desktop computer to China. Mac is the only Apple device being assembled in Austin, Texas, while all other products like the iPhones and iPads are being manufactured in China.
"I look forward to speaking with Prime Minister Modi about the fact that India, for years having put very high Tariffs against the United States, just recently increased the Tariffs even further. This is unacceptable and the Tariffs must be withdrawn," tweeted Donald Trump on Thursday.
The White House said talks would continue on Friday between top Trump administration officials and Chinese negotiators, said The New York Times.
“India is a very high-tariff nation. They charge us a lot,” Mr. Trump said in his address to the Conservative Political Action Conference (CPAC) in the Maryland suburb of Washington DC.
India last year announced higher import duties on many US products like apples, almonds, walnuts, chickpeas and lentils in retaliation to President Donald Trump's decision to impose heavy tariffs on imported steel and aluminium items, a move that sparked fears of a global trade war.
Moody's Investors Service Managing Director, Sovereign Risk Group, Marie Diron said the US-China relations will remain contentious as the US and China are too strong to cede their respective national interests in negotiations with each other.
In June, the US had imposed a duty of 25 per cent on steel imports and a 10 per cent on aluminium imports from Mexico, Canada and the EU.
These national security measures are results of a US government policy review prompted by concerns regarding China's efforts to obtain nuclear material, equipment, and advanced technology from US companies.
The latest tariffs imposed by the Trump administration applies to over $250 billion of Chinese goods, roughly half the amount the country sells to the US.
The two largest economies of the world have already levied taxes worth $50 billion on each other goods.
The new additional tariff structure would be effective September 24. China has had many opportunities to fully address US concerns, Trump said.
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