People’s Finance News, July 30 – On July 29, US President Donald Trump stated that the United States might impose tariffs of 20% to 25% on products exported from India, though a final decision has not been made. While flying back to the US on a special flight from the UK, Trump told the media that the tariffs imposed by India on American products were almost as high as any other country’s tariffs on American products, “You (India) can’t do this.”
On July 25, Trump announced that the United States would send letters to nearly 200 trading partners to determine the tariff rates for American products in those countries. He had previously threatened to impose high tariffs on trade partners who failed to reach an agreement with the US starting August 1. US Trade Representative Gregory Gallagher stated on July 28 that the US needs more time to negotiate with India to assess its willingness to open up more markets to the US.
As for Trump’s latest threat of tariffs, official responses from India have yet to be received.
Trump’s tariff policy is impacting the global economy.
