President Donald Trump announced on Wednesday that imports from India will face a 25 % tariff.
writing On the social truthTrump said that India’s tariff was “very high” with the description of other commercial barriers as “arduous and hateful”, without specifying what he was referring to.
In 2022, India applied an average effective tariff rate of 5.2 % on American goods.
While 25 % is slightly lower than 26 % that Trump threatened on April 2, it is still a sharp increase of 2.4 %, which is the average tariff rate applied to Indian imports in recent years. India is one of the most important sources of imports for consumers and American companies that number about $ 90 billion of goods flowing from India last year.
Some of the best American imports from India include chemicals, plastic, leather goods, agricultural products and minerals. Oils, cement, stone, glass and machines are classified as the best purchases of India from the United States
This announcement comes before the deadline of the countries to negotiate new commercial conditions. Trump also said on Wednesday, “standing strong” and “will not be extended.” The President indicated that dozens of other countries will face a new essential identification level of 20 %-higher than 10 % of 10 % announced in April.
Trump continues to decrease in the tariff strategy that cast a cloud of uncertainty on the global economy. Over the past two weeks, Trump has announced new agreements with a group of other countries designed to clarify new trade conditions with the United States, but critics say they are suffering from mysterious details and unprecedented promises.
However, the main stock indexes continued to violate higher, partly due to the fact that some companies have noticed that the strike to their lower lines of definitions will not be bad as they are at first.
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