‘Tariffs making America great and rich again': US President Donald Trump
In a post on Truth Social, Trump claimed that tariffs had been used against the US for decades. '…Coupled with really dumb, pathetic, and crooked politicians, (the tariffs) were having a devastating impact on the future, and even the survival, of our country,' he said.
He added that the 'tide has completely turned', and that the US had successfully countered the 'onslaught of tariffs against it'.
'ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!' Trump said in the post.
Trump imposed 25 per cent reciprocal tariffs on Indian goods and an unspecified penalty for purchases from Russia, which will come into effect from August 1.
While announcing the decision, Trump said that India's tariffs were 'among the highest in the World'. He further said that the country had the 'most strenuous and obnoxious non-monetary Trade Barriers of any country'.
Trump also said that the US had done relatively little business with India over the past years owing to the 'high tariffs'.
Centre's response to Trump's tariffs
In response to the tariffs, the Centre said that it had taken note of the announcement and is studying its 'implications'.
A statement by the Ministry of Commerce and Industry said that the India and US have been engaged in negotiations to conclude 'a fair, balanced, and mutually beneficial bilateral trade agreement' over the past few months. The ministry said that India remains committed to that objective.
The ministry further said that the government attached utmost importance 'to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs'. It added that the government would take all steps necessary to secure India's national interest.
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