India likely to cut duties on goods from US after Trump's tariff threat
PTC News Desk: India is likely to cut tariffs on high end goods such as a special kind of steel, expensive motorcycles, and electronic items that are imported from the United States. India imports 20 items from the US on which there are duties in excess of 100 per cent.
The development comes a day after Donald Trump referred to India, China and Russia as 'tremendous tariff makers' which are also the founding members of the influential BRICS bloc. Donald Trump during his address to to House of Republicans said that he would put high tariffs on the nations that harm America and now he will put America first.
"We're going to put tariffs on outside countries and people that really mean harm to us. China is a tremendous tariff-maker, and India, Brazil, and so many other countries. (But) we're not going to let that happen any longer... because we're going to put America first," Trump declared to cheers.
"These people (referring to Indians, Chinese, and Brazilians) are the sharpest... they use it against us. But India is very tough. Brazil is very tough... China is the toughest of all... but we're taking care of China with the tariffs," he further said.
Trump's threat of imposing tariff has echoed multiple time in the political corridors to shut down the talks of de-dollarisation. By increasing the prices of essential goods such as steel, semiconductors, and medicines, he aims to achieve the goal of increased manufacturing in America. "With the 'America First' economic strategy, higher tariffs on foreign countries will lead to lower taxes for American workers and businesses, bringing a significant number of jobs and factories back to the U.S."
Besides objective of increased manufacturing, Trump has also used his tariff threat as a weapon as he waged a war with Columbia after the South American country refused to accept the military plane of illegal immigrants.
Trump administration was quick to respond and slapped a massive 25 per cent tariff on Columbia prompting the Columbian President Gustavo Petro to relent.
- PTC NEWS