Trump Hints at India Deal While Introducing Fresh Tariff Rates
US President Donald Trump on Monday evening said that Washington is close to finalising a deal with India as he announced new tariff rates on 14 nations, news agency Reuters reported.
Trump was questioned about the reciprocal tariffs during a press conference at the White House. “Everyone has been contacted, and everything is finished. As I previously stated, we will negotiate, but primarily, we will send a letter. If you want to be a part of the greatest, most prosperous nation in history, we’re going to say, welcome to the United States,” Trump said.
We have now reached an agreement with the United Kingdom. We have an agreement with China. We are on the verge of reaching an agreement with India. We met with others, but we don’t believe we can reach an agreement. Thus, we simply write them a letter,” he continued.
List of nations with updated tariffs:
Myanmar: 40%
Laos: 40%
Cambodia: 36%
Thailand: 36%
Serbia: 35%
Bangladesh: 35%
Indonesia: 32%
South Africa: 30%
Bosnia and Herzegovina: 30%
Kazakhstan: 30%
Malaysia: 25%
Tunisia: 25%
Trump established 25% tariff rates for South Korean and Japanese goods earlier on Monday, July 8, and stated that they would take effect on August 1. Trump also declared new tariff rates for 12 other nations shortly after.
Trump shared the Trump administration’s letters to South Korea and Japan on his social media account, Truth Social. While highlighting Trump’s dedication to the trading relationship, the letters also emphasized the need for more equitable terms. Trump warned in the letters that if the nations raised their import taxes in retaliation, the Trump administration would raise tariffs even more. He did, however, add that if these nations choose to change their trade policies, he would be prepared to lower the tariff rates.
According to the Associated Press, White House Press Secretary Karoline Leavitt recently stated that Trump is determining the rates himself and developing customized plans for each nation on the planet, which is what this administration is still focused on. Trump responded, “I would say firm but not 100% firm,” when asked if the US administration is adamant about the August 1 deadline. We will be amenable to doing something differently if they call and make that request.”
Trump announced ‘Liberation Day’ tariffs on over 100 nations on April 2 and imposed reciprocal, discounted tariffs on China, Japan, and India. He also announced a baseline tariff of 10% on all imports in addition to the reciprocal tariffs. India’s reciprocal tariff was 26%, while China was assessed a 34% tariff. This is in contrast to India’s 52% tariff on the US.
On April 9, these tariffs were scheduled to take effect. But in order to give the nations time to negotiate with the US, Trump declared a 90-day halt to the tariffs. Only three nations have reached an agreement thus far: the UK, China, and Vietnam. The 90-day deadline expires on July 9.
