'Wanted to make it April 1 but...': Donald Trump confirms reciprocal tariffs on India, China to kick in from April 2

US President Donald Trump on Wednesday said that the reciprocal tariffs on India and China will kick off from April 2. He said that under the Trump administration, companies will pay a tariff and in some cases, a rather large one, if they do not make their product in America.

While making the big announcement, Trump said: “That’s reciprocal, back and forth. Whatever they tax us, we will tax that." Trump said he didn’t want to make the announcement on April 1 because of April Fool’s Day.

"I wanted to make it April 1, but I didn't want to be accused of April Fool's Day. One day would've cost us a lot of money, but we're going to do it in April. I'm a very superstitious person," Trump said while addressing a joint session of the US Congress. 

Further, he mentioned that India charges auto tariffs higher than 100 per cent and China's tariff on American products is 2x of what the US charges them. He further mentioned that the tariffs charged by South Korea are four times higher. 

"And we give so much help militarily and in so many other ways to South Korea. But that's what happens. This is happening by friend and foe. This system is not fair to the United States, and never was."

Moreover, Donald Trump also noted that Mexico and Canada also charge higher tariffs from the US compared to what they have to pay, which he said was "very unfair". 

Washington imposed 25 per cent tariffs on Mexico and Canada and was slapped with retaliatory tariffs. Previously, US Commerce Secretary Howard Lutnick, however, told Fox Business that Trump may soon announce a trade deal with Mexico and Canada. 

“I think he’s going to work something out with them. It’s not going to be a pause, none of that pause stuff, but I think he’s going to figure out, you do more, and I’ll meet you in the middle some way, and we’re going to probably be announcing that tomorrow,” Lutnick commented. 

Explaining the rationale behind reciprocal tariffs, Trump mentioned that while the measures would cause "little disturbance", they are about making America rich again and making America great again.