Shaking the global economy, US President Donald Trump signed an executive order on Thursday, announcing modified rates for imports into the country. The new tariff rates will come into effect from August 7.
For India, the US president has imposed a tariff rate of 25 per cent, one per cent lower than the tariff Trump announced in April. However, for Pakistan, the neighbouring nation with which Trump has struck an "ambitious" oil deal, the tariff rate is 19 per cent.
Trump's tariff announcement comes after mounting a sharp attack on India and Russia on Thursday. The US president called India and Russia "dead economies".
"I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their tariffs are too high, among the highest in the world," Trump said in a post on TruthSocial. "Likewise, Russia and the USA do almost no business together. Let’s keep it that way," he added.
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Addressing the Parliament on Thursday, Union Commerce Minister Piyush Goyal said India is the world's fastest-growing major economy and will soon become the third-largest. "In just over a decade, India has rapidly transformed from being one of the Fragile 5 to the fastest-growing major economy in the world. We have risen from the 11th largest economy to one of the top 5 economies, driven by our reforms, the hard work of our farmers, MSMEs and entrepreneurs," Goyal said.
"Our exports have steadily increased during the last 11 years. In an increasingly protectionist world, India has done mutually beneficial trade agreements with the UAE, UK, Australia and EFTA (European Free Trade Area) countries," he added.
Full list of reciprocal tariffs on imports to the US:
Afghanistan 15%
Algeria 30%
Angola 15%
Bangladesh 20%
Bolivia 15%
Bosnia and Herzegovina 30%
Botswana 15%
Brazil 10%
Brunei 25%
Cambodia 19%
Cameroon 15%
Chad 15%
Costa Rica 15%
Côte d`Ivoire 15%
Democratic Republic of the Congo 15%
Ecuador 15%
Equatorial Guinea 15%
Falkland Islands 10%
Fiji 15%
Ghana 15%
Guyana 15%
Iceland 15%
India 25%
Indonesia 19%
Iraq 35%
Israel 15%
Japan 15%
Jordan 15%
Kazakhstan 25%
Laos 40%
Lesotho 15%
Libya 30%
Liechtenstein 15%
Madagascar 15%
Malawi 15%
Malaysia 19%
Mauritius 15%
Moldova 25%
Mozambique 15%
Myanmar (Burma) 40%
Namibia 15%
Nauru 15%
New Zealand 15%
Nicaragua 18%
Nigeria 15%
North Macedonia 15%
Norway 15%
Pakistan 19%
Papua New Guinea 15%
Philippines 19%
Serbia 35%
South Africa 30%
South Korea 15%
Sri Lanka 20%
Switzerland 39%
Syria 41%
Taiwan 20%
Thailand 19%
Trinidad and Tobago 15%
Tunisia 25%
Turkey 15%
Uganda 15%
United Kingdom 10%
Vanuatu 15%
Venezuela 15%
Vietnam 20%
Zambia 15%
Zimbabwe 15%
Source: The White House