Donald Trump unveils 10% minimum tariff on all countries, says THIS on PM Modi. Top points to know

US President Donald Trump on Wednesday late night unveiled a 10 per cent minimum tariff on most goods imported to the country, with higher duties on products from dozens of countries. These tariffs are levied on imports in various sectors like the automobile, dairy, steel, and electronics. 

The reciprocal tariffs will come into effect on April 9 at 12:01 am, according to news agency Reuters. Trump argued that the new levies would boost manufacturing jobs at home. 

While announcing the tariffs on imports from these countries, Trump said: "For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike."

He further said, "This is Liberation Day," adding that this day would "forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed." The reciprocal tariffs announced by Trump range from 10 per cent to 49 per cent.

US levies tariffs on over a dozen countries: Top points to know 

1. The US levied a 27 per cent "discounted reciprocal tariff" on India. He also imposed new tariffs of 34 per cent on Chinese imports and 20 per cent on imports from the European Union. 
2. While announcing these tariffs, he said that India imposes a 52 per cent tariff on US imports. 
3. He recalled Prime Minister Narendra Modi's US visit in February this year, Trump said he is a "great friend of mine" but added India "hasn't been treating us right" due to its "very tough" tariffs. 
4. He also levied 46 per cent tariffs on imports from Vietnam and 31 per cent tariffs on imports from Switzerland. 
5. Furthermore, 25 per cent tariffs were announced on automobiles not assembled in the US and certain auto parts with effect from April 3. 
6. Moreover, a 25 per cent levy on goods from certain countries importing Venezuelan oil can take effect from April 2. He has also threatened a similar "secondary tariff" on Russian oil. 
7. He even ordered an end to a duty-free exemption on small parcels from China as well. 
8. The effective US tax rate went up from just 2.5 per cent in 2024 to 22 per cent under Trump, as per Olu Sonola, head of US research at Fitch Ratings. 
9. Major US trade partners -- Canada and Mexico -- are not subject to the new tariffs, as per White House officials. They already face 25 per cent tariffs on many goods. 
10. "For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it's our turn to prosper. Tariffs are going to give us growth," he said.

(With agency inputs)