In a major development that will not be a welcome move for India's economy, United States President Donald Trump has threatened that if India and China will not match America's tariff, then the U.S. will levy a "reciprocal tax" on both the countries.
"We're going to be doing a reciprocal tax programme, at some point so that if China is going to charge us 25 per cent or if India is going to charge us 75 per cent and we charge them nothing", he said as he imposed a 25 per cent tariff on steel and a 10 per cent tariff on aluminium from all countries except Canada and Mexico. In this event he simplified the tariff issue for his working class base. "We're going to be at those same numbers", said Trump.
President Donald Trump warned he planned to proceed with a so-called reciprocal tax on imports as he followed through on his call to impose stiff tariffs on imported steel and aluminum. It's a mirror of tags.
"We just want fairness", Trump said. It forms only a miniscule and inconsequential part of India's imports from the United States.
The president has repeated his support over the last 12 months for a levy on imports from other countries at the same rates those countries impose on US products.
The US President said the stage for the imposition of reciprocal tax has been set in the first year of his administration. The US President even mentioned that the country was losing $500 billion a year to China for which there was a need to do something. Most affected will be the European Union and China, which are the top two USA trading partners, and which have threatened retaliation if Trump goes ahead with tariffs, resulting in a trade war and an all round increase in prices. India's top imports from USA in 2016 were precious metal and diamonds ($7.0 billion), machinery ($2.0 billion), optical and medical instruments ($1.3 billion), mineral fuels ($1.2 billion), and electrical machinery ($1.2 billion).
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On the flip side, the largest USA import from India is pharmaceuticals ($7.4 billion in 2016) and a Trump tariff on this will simply make generic medicines more expensive for Americans (drugs imported from U.S are already expensive for Indians).
Trump said the USA is going to stop the trans-shipping. We're going to have a great relationship, hopefully, with China, but we have to do something.
"Well, we'll let it happen, but they've got to pay".
"We're in the midst of a big negotiation". They have been very helpful. "A lot of respect", he said.
"But we're going to cut down the deficits one way or the other".
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