President Trump announces reduced reciprocal tariffs on India and China

President Donald Trump has declared significant reciprocal tariffs targeting India and China, suggesting these are merely half of what these nations impose on the United States.

Labeling them as "discounted reciprocal tariffs," Trump stated the U.S. will implement a 26% import duty on India and a 34% duty on China.

Addressing the tariffs imposed by India, Trump described Delhi's policies as "very, very tough." He remarked on his recent meeting with India's Prime Minister Narendra Modi, whom he called a "great friend," but expressed discontent over India's 52% tariffs on American goods.

"You're a friend, but you've not been treating us right," Trump reportedly told Modi, hence the U.S.'s decision to impose a matching tariff of half that rate.

In addition to India and China, the President unveiled tariffs on other major economic partners: a 20% levy on European Union imports and a 10% duty from the UK. Japan, another key ally, will see a 24% tariff on its goods.

These measures, outlined by the White House, add to a base import duty of 10% applicable to all foreign products entering the United States. However, President Trump did not provide specifics on how these tariffs would be distributed across various industries.

The announcement, made amid loud applause at the White House Rose Garden, was celebrated as "Liberation Day" by Trump. "For far too long, other countries have looted and plundered us, while taking advantage of our policies.

But no longer," he declared. "By doing this we will reclaim our jobs, we will reclaim our industry, we will reclaim our small and medium scale businesses... and we will make America wealthy again." Trump anticipates these tariffs will boost domestic employment and industry.

The White House conveyed that due to a "national emergency" linked to security concerns from ongoing trade deficits, a "baseline" 10% import tariff will be enforced starting at 12:01 am local time on April 5th. The increased country-specific tariffs will be enacted from April 9th at the same local time.