Washington: U.S. President Donald Trump announced on Wednesday that India’s products and services have a 26% tariff, part of a broader policy requiring a 10% tariff on all countries to boost manufacturing in their country.
The aggressive rhetoric comes from Trump’s willingness to tear down the global economic system that the United States helped build after World War II. Trump retained the chart during his speech, showing that the U.S. would impose a 34% tax on China’s import tax, 26% in India, 20% in the EU, 25% in South Korea, 24% in Japan, and 32% in Taiwan.
Cambodia will attract the highest U.S. tariffs at a rate of 49%, followed by Vietnam, with 46%, and Sri Lanka’s tax rate of 44%, with only 3 countries at 40-50%.
Bangladesh will have to pay 37% tariffs, 36% in Thailand, 34% in China, 32% in Indonesia, 32% in Taiwan, 31% in Switzerland, 30% in South Africa.
In the 20-29% phase, Pakistan will attract the highest tariffs, accounting for 29%, followed by India 26%, South Korea 25%, Japan and Malaysia 24%, and the EU 20%.
Israel and the Philippines will attract 17% tariffs, while the United Kingdom, Australia, Chile, Türkiye, Colombia, Brazil, and Singapore will attract 10% tariffs.
The U.S. financial markets have not yet been resolved in the context of anticipated Trump’s tariff announcement. Trump insists that even though many experts fear that this could lead to higher prices for most American consumers, these moves will strengthen the U.S. economy.
His advisers said the tariffs would return strategic manufacturing capabilities to the United States.
Outer economists warn that tariffs can slow down the global economy, increase the risk of recession, and increase the cost of living for ordinary American families by thousands of dollars. Businesses complain that Trump’s threatening attacks made the plan difficult to operate.
When consumers are rushing to make purchases before prices rise, the tariff problem has slowed down global manufacturing activity, while also driving sales of automobiles and other imported products.
Eswar Prasad, a professor of trade policy at Cornell University, sees Trump’s tariffs as a “sudden end” of a era of freedom and widespread international trade based on the rule-based system built by the United States. “Trump has not addressed the rules that many U.S. trading partners recognize the use of their own interests, but chose to blow up the system of international trade,” he said.
