Donald Trump: US President Donald Trump is still looking for excuses to impose heavy tariffs (import duties) against India. This claim has been made by US Congressman Brad Sherman. He claimed that India is being targeted separately and he has demanded that the Trump government change this policy. Recently, Trump announced that the tariffs imposed on India will be reduced to 18 percent.
Trump is looking for excuses for tariffs
Sherman said, “President Trump is looking for excuses to impose more tariffs on India.” He further wrote, “He is claiming that the reason for this is Russian oil. While Hungary imports 90 percent of its oil from Russia without any tariffs. Even China, a major buyer of Russia, has not been subject to any sanctions due to the purchase of Russian oil.” The MP added, “India takes only 21 percent of its crude oil from Russia, yet our friendly country is being targeted. The President should immediately change this policy.”
Exports decline in January
According to Commerce Ministry data, India’s exports to the US fell by 21.77 percent to $6.6 billion in January. Exports also declined in September, October and December last year. While it increased by 22.61 percent in November. On the other hand, imports from the US increased by 23.71 percent to $4.5 billion in January.
Deal done with the US
The US had imposed a 50 percent tariff on Indian goods from August 27. Now an interim trade agreement has been agreed between the two countries. The 25 percent punitive tariff on Indian goods has been removed from February 7 and the countervailing duty has been reduced from 25 percent to 18 percent.
Americans are the ones who are bearing the brunt of tariffs
A new report on tariff policy has raised big questions. It was previously claimed that the burden of import tariffs will fall on foreign companies and governments, but a recent study has found that about 90 percent of the cost of these tariffs has been borne by American consumers and businesses. This conclusion has been revealed in an analysis by economists affiliated with the Federal Reserve Bank of New York.
According to a report by ‘USA Today’, the Tax Foundation’s report estimates that in 2025: Every American family will face an additional burden of $ 1000. This burden is estimated to increase to $ 1300 in 2026.
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