Donald Trump Tariff Announcement Live Updates: India could lose $3.1 billion when Trump’s reciprocal tariffs kick-in – World News

Trump’s reciprocal tariffs could have a significant impact on India, especially in sectors like apparel and gems/jewelry, which are highly vulnerable. However, industries such as automobiles, pharmaceuticals, and electronics may experience less impact than initially feared.​

Read More Here: Trump’s reciprocal tariff announcement soon: What are India’s options

Congress MP Randeep Surjewala on Wednesday criticised Donald Trump’s reciprocal tariffs, labeling them as the “biggest challenge” faced by independent India under the current NDA government. He expressed concern over America’s ultimatum to reduce tariffs on agricultural imports, particularly wheat and maize, fearing negative impact of the same on Indian farmers. Surjewala said that PM Modi should show conviction in defending India’s interests against the US.

India’s exports to the United States could lose $3.1 billion because of new tariffs that will be announced by President Donald Trump, according to a CareEdge Ratings report. ​ This loss represents about 0.1% of India’s GDP. Smita Rajpurkar, Director at CareEdge Ratings, highlighted potential risks such as reduced exports, weakened investment and consumer confidence, and currency fluctuations. ​

The report also notes that if a global trade war begins, it could lead to further economic turbulence, which will impact India’s financial stability.

Trump has said that beginning April 2, the United States will implement uniform tariffs on all imports, without any exceptions. This move is expected to significantly impact global trade dynamics, the Guardian said. As the situation develops, companies and consumers are advised to stay informed about the potential impacts of these new trade policies.

Chinese newspaper, the People’s Daily, published an article enlisting the impact of US tariffs on American farmers and tech companies. The piece, written under ‘Zhong Sheng’ (which means Voice of China) is often used to express China’s foreign policy views. John Gong, a former consultant to China’s Commerce Ministry, told Bloomberg that this article appears to be China’s final attempt to prevent President Trump’s tariffs.

White House Press Secretary Karoline Leavitt on Tuesday criticised several countries for their high tariffs on US products. She also slammed India for imposing a 100% tariff on American agricultural goods and a 150% tariff on American alcohol. Leavitt also pointed out that Canada applies nearly a 300% tariff on American cheese and butter, while Japan imposes a 700% tariff on American rice. She further reiterated that Trump is looking for fair and balanced trade practices.

A former trade official from President Trump’s first term told Reuters that the US government may impose comprehensive tariff rates on different countries at somewhat lower levels than previously discussed. This approach would affect more countries than the approximately 15 that Treasury Secretary Scott Bessent had earlier identified as primary targets due to their significant trade surpluses with the US.​ Secretary Bessent has indicated that these reciprocal tariffs would represent the maximum US tariff levels that countries will face. He noted that these rates could decrease if the affected countries meet the administration’s demands.​

Donald Trump has called tariffs a “beautiful word” suggesting that they can help build American economy, build jobs, raising public revenue and act as a bargaining chips for extracting concessions from different countries. During his address to Congress in early March, Trump had said that these tariffs are about “protecting the very soul” of America. “Tariffs are about making America rich again and making America great again,” he had said.

– The EU has already announced that they would impose retaliatory tariffs on American goods, which would target sectors like steel, aluminum, and agricultural products. EU leaders have also expressed concerns about a potential trade war and its impact on global inflation.

– Polish Prime Minister Donald Tusk said there is a need to avoid unnecessary tariff conflicts. ​While UK Foreign Secretary David Lammy stated that all options will remain on the table. ​

– Mexico and Canada have discussed the US “unjustified trade actions” and have pledged to remain in “close contact” to coordinate their responses. ​

– Vietnam has said that it would reduce its tariffs on US imports while Israel announced that they would remove them entirely.

If the White House starts to levy the taxes immediately, US firms will have no choice but to bear the brunt of the costs. If the tariffs announced are high, then the companies will find ways to lower their costs by either changing their supplier or pushing partners to share the financial burden, a BBC report said.

India has agreed to the Terms of Reference (ToR) for a Bilateral Trade Agreement (BTA) with the United States after intervention from the Prime Minister’s Office. A senior government official told The Indian Express that the PMO is eager to seal the deal quickly.​

The ToR was still pending as of Saturday when US negotiators concluded four days of talks in India. Both sides are now prepared for formal negotiations, during which India is expected to reduce tariffs on American goods in exchange for concessions from the US, according to the official.​

You must have heard the term ‘dirty 15’ from the officials of Trump administration, and if you’re wondering what it means, here’s your answer.

Although the White House has not been clear about which countries will have to face the reciprocal tariffs after today, the administration officials have been mentioning the term “dirty 15” which refers to the countries that US claims are charging high tariffs on American goods and run large trade deficits with the US.