Trump tariff: Donald Trump announces 27% reciprocal tax on Indian imports

US President Donald Trump unveiled extensive tariffs on Wednesday, declaring that their country has been "depleted, ransacked, and ravaged" by other countries. This bold statement came as Trump exhibited a readiness to break down the global economic structure that the United States played a key role in establishing post-World War II. 

While talking about reciprocal tariffs, Trump declared that US will charge India 27% in 'discounted' reciprocal tariffs as India charges US 52%.

On PM Narendra Modi, Trump said PM Modi is a friend but India hasn't been treating the US in the right way. "India very, very tough. PM is a great friend of mine but he hasn't been treating us right," he said.

China will be subject to a substantial 34% tariff. Similarly, the European Union will incur a 20% levy. Vietnam, another prominent participant in global trade, will face the highest tariff rate of 46% on its exports to the United States.

The new trade tariffs imposed on various countries are as follows:

• Imports from China will be subject to a 34% tariff.
• Imports from the European Union will face a 20% tariff.
• South Korea will be charged a 25% tariff on its imports.
• Japan will face a 24% tariff on its imported goods.
• Taiwan will be subject to a 32% tariff.
• The United Kingdom will face a 10% tariff on its imports.
• Vietnam will be charged a 46% tariff on its imported goods.
• Switzerland will face a 34% tariff on its imports.

Earlier, President Trump described April 2 as a pivotal moment in American history as he readied to sign an executive order implementing tit-for-tat tariffs on several countries. "This is our declaration of economic independence," Trump said during a Rose Garden event unveiling the new policies.

Trump said that while the US charges 2.5% on foreign-made automobiles, India charges 70%, and Japan and South Korea impose non-monetary barriers. 

While announcing a 25% tariff on foreign-made automobiles, President Trump said he believes that tariffs will not result in a recession, but rather lead to a resurgence of jobs and factories in the United States.

“We are going to make America great again. Greater than ever before… we will supercharge our domestic industrial base… More production at home will mean more competition and lower prices for consumers,” US President Donald Trump said in his inaugural notes. 

He added: "Other nations have become rich and prosperous at our expense and now it is our turn to prosper. Other nations have created outrageous non-monetary barriers. They manipulated their currencies, subsidised their exports, and stole our intellectual property."

President Trump added that the tariffs would not be entirely reciprocal and the US will calculated combined rates of all tariffs.

"We will calculate combined rates of all tariffs, including non-tariff barriers, and charge them approximately half of what they have been charging us. We will charge them around half of what they are charging us on tariffs," Trump said.

“I will sign a historic Executive Order instituting reciprocal tariffs on countries throughout the world. Reciprocal that means: they do it to us, and we do it to them,” he said at the White House. “This is one of the most important days, in my opinion, in American history.”

On American poultry: We have subsidised for a lot of countries and kept them in business such as Mexico. EU, Australia ban American poultry and beef, respectively through non-tariff barriers. 

On China: China charges 65% on rice imports, Japan charges 700% on rice imports from the US.

On America first: Trump said the United States cannot continue with the policy of unilateral economic surrender. We have to take care of our people. We are putting America first.