New Delhi. The entire world is scared of the tariff plan of US President Donald Trump. The Indian stock market fell badly yesterday due to the fear of tariff.
Trump has announced to impose reciprocal tariffs on those countries from April 2, which impose tariffs on American imported goods. The White House has already made it clear that the tariffs will come into effect immediately with the announcement of the US President. If there is no last minute change, Donald Trump will announce the tariffs at midnight today. White House Secretary Caroline Levitt said that information about the new tariffs to be imposed on various countries will be given in the ceremony.
Donald Trump will also announce the tariffs in a grand ceremony. Trump has named it ‘Liberation Day’. This ceremony will be held in the ‘Rose Garden’ of the White House. Although the White House has not issued an official statement regarding the exact time, but US Treasury Secretary Scott Bessant told Fox News in an interview that this announcement will be made on April 2 at 4 pm Washington time (1:30 pm Indian time on April 3).
Which countries will be affected?
According to initial reports, some countries were said to be exempted from these tariffs, but now the Trump administration has clarified that “there will be no exceptions or exemptions.” This means that Trump will impose regressive tariffs on all countries that impose tariffs on American imports. India is also included in the list of these countries. The countries that have achieved a large surplus in trade with the US in the year 2024 include the European Union, Mexico, Vietnam, Taiwan, Japan, South Korea, Canada, India, Thailand, Malaysia and Indonesia. In the year 2024, the US was in a trade deficit of about US $ 900 billion.
Why Trump wants to impose tariffs
The focus of the new tariffs will be on those countries which export more to America and import less. President Trump has kept tariffs at the center of his economic policies. He wants to bring trade balance in America and reduce the gap between imports and exports. On March 4, Trump said in the US Congress, “Till now every country on earth has looted us for decades. But now we will not let this happen again.” Trump says that in the long run the tariffs will increase America’s manufacturing capacity and save jobs. Along with this, there will be an increase in tax revenue and economic growth. US government’s revenue will increase.
