New Tariffs Imposed by Donald Trump on Multiple Countries
Donald Trump (File photo)
New Tariffs Announced
US President Donald Trump has announced new tariffs. He will impose a 25% tariff on Japan and South Korea. This was shared on social media. The tariffs will begin on August 1.
Additional Tariffs for Brics Supporters
Trump warned about extra tariffs. Any country supporting Brics’ “anti-American policies” will face an additional 10% tariff.
Tariff Adjustments for Other Countries
Trump also announced new tariffs for five more countries:
- Myanmar: Reduced from 44% to 40%
- Laos: Reduced from 48% to 40%
- Kazakhstan: Reduced from 27% to 25%
- South Africa: Remains at 30%
- Malaysia: Increased by 1% to 25%
Impact on India
Indian officials hope for a “mini-trade deal.” However, they do not want to lower duties on agricultural goods like soybean, maize, and dairy products.
Trump’s new tariff announcements could mean a 26% duty on all Indian exports to the US. This depends on the trade arrangement worked out last week.
India’s Stance on Tariffs
Commerce and Industry Minister Piyush Goyal stated that India will prioritize national and farmer interests. This leaves little room for negotiation on tariffs for agricultural goods.
India may consider lowering tariffs on products like apples, pecan nuts, automobiles, and whiskey for American imports.
US Tariff Expectations
The US has indicated that it will not lower duties below the 10% baseline levy. It also wants to keep sectoral tariffs of:
- 50% on iron and steel products
- 25% on auto parts
Exporters and businesses have worked out an arrangement. They will split 6-7% of the baseline tariff between them. The rest will be passed on to consumers.
