Key Points
Trump imposes 26% tariff on Indian imports
Criticizes India's 52% trade charges
Calls for economic reciprocity with global partners
Aims to protect US industrial base
Calling Prime Minister Narendra Modi a "great friend," Trump said that India charges the US 52 per cent, and "we charge them almost nothing."
Trump's announcement came while he addressed the Make America Wealthy Again Event.
At the event, Trump said, "India very, very tough. The Prime Minister just left and is a great friend of mine, but you are not treating us right. They charge us 52 per cent and we charge them almost nothing..."
Trump further said, "The United States charges other countries only a 2.4 tariff on motorcycles. Meanwhile, Thailand and others are charging much higher prices like 60%, India charges 70%, Vietnam charges 75% and others are even higher than that."
The US President further said that a 25 per cent tariff would be imposed on all foreign-made automobiles.
"Such horrendous imbalances have devastated our industrial base and put our national security at risk. I don't blame these other countries at all for this calamity. I blame former presidents and past leaders who weren't doing their job...Effective at midnight, we will impose a 25% tariff on all foreign-made automobiles," Trump said.
The import tariffs on other major countries are China (34 per cent), European Union (20 per cent), Vietnam (46 per cent), Taiwan (32 per cent), Japan (24 per cent), India (26 per cent), United Kingdom (10 per cent), Bangladesh (37 per cent), Pakistan (29 per cent), Sri Lanka (44 per cent), Israel (17 per cent).
Trump at the event the US President also emphasised that after decades of exploitation, the era of American taxpayers being "ripped off" was over.
Trump said, "Our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore."
Trump further said, "In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world. Reciprocal: That means they do it to us and we do it to them. This is one of the most important days, in my opinion, in American history. It is our Declaration of Economic Independence. For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. With today's action, we are finally going to be able to make America great again, greater than ever before."
Earlier on Tuesday, the White House had said that the tariffs would go into effect immediately.
