Donald trump now has a keen eye on India!
US President donald trump has taken a tough stand on his trade policy and confirmed a 25 percent tariff on imports from mexico and Canada. Apart from this, an additional 10 percent tariff has also been imposed on China, which has further increased trade tensions.
The trump administration had already imposed tariffs of up to 25 percent on many products like steel and aluminum. Now imports worth $ 918 billion will be affected by the new tariffs. After this decision, a sharp decline has been seen in the global market. trump has also indicated that the US may soon impose tariffs on imports of european union (EU), automobiles, pharmaceuticals and semiconductors.
india may also be affected
The US President has asked American farmers in his social media post to produce more in the domestic market. He made it clear that heavy tariffs will be imposed on imported products from april 2. Meanwhile, the US is putting increasing pressure on india to reduce tariffs on agricultural products. However, india has argued that doing so will affect the livelihood of crores of poor farmers. Recently, Union Commerce minister Piyush Goyal is on a US tour amid trade tensions. According to reports, he may hold talks on America's possible reciprocal tariffs.
Which sectors will be affected by tariffs on India?
According to The Mint report, if the trump administration imposes stringent tariffs on india, these three sectors may be most affected. The first sector in this will be petrochemicals and pharmaceuticals. These are India's major export sectors and there is a huge demand for them in the US. The second sector is electronics and medical equipment. Imposing additional tariffs on these will affect India's exports. At the same time, the third sector is the automobile and EV sector. India's new EV policy is being made to attract companies like Tesla, but the US tariff may setback this plan.
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