While House announces 25% tariff on India, levies hit 70 countries

New York/Washington: The US announced a 25 per cent tariff on India as the White House released an expansive list of duties that Washington will impose on exports from countries around the world.

In an Executive Order titled ‘Further Modifying The Reciprocal Tariff Rates,’ President Donald Trump announced tariff rates for nearly 70 nations around the world.

A 25 per cent “Reciprocal Tariff, Adjusted” has been imposed on India, according to the list released Thursday. While August 1 was the tariff deadline, the new levies will come into effect from August 7.

Trump said in the executive order that some trading partners have agreed to, or are on the verge of agreeing to, meaningful trade and security commitments with the United States, thus signalling their sincere intentions to permanently remedy trade barriers and to align with the United States on economic and national security matters.

“Other trading partners, despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters,” he said.

Trump further said in the order that there are also some trading partners that have failed to engage in negotiations with the United States or to take adequate steps to align sufficiently with the United States on economic and national security matters.

The tariff modifications shall be “effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 7 days after the date of this order.”