A sweeping set of tariffs imposed by US President Donald Trump, targeting nearly 70 nations, including India, officially came into effect on Thursday. The initial 25 per cent tariffs on Indian imports also kicked in, with President Donald Trump saying billions of dollars from countries that have taken advantage of America are "flowing into the United States."
'Billions of dollars in tariffs flowing into USA': Trump
It's Midnight!!! Billions of Dollars In Tariffs Are Now Flowing Into The United States Of America! Trump said in a post on Truth Social as the clock struck 12 midnight in the US, ushering in the August 7 date when the reciprocal tariffs announced on nations by Trump last week come into effect.
In an earlier post, Trump had said: "Reciprocal tariffs take effect at midnight tonight! Billions of dollars, largely from countries that have taken advantage of the United States for many years, laughing all the way, will start flowing into the USA. The only thing that can stop America's greatness would be a radical left court that wants to see our country fail!"
Trump's tariffs on India
Last week, the White House announced that India will face tariffs of 25 per cent after Trump issued an executive order listing the various duties that Washington will impose on exports from countries around the world. In addition to the 25 per cent tariff announced last week, Trump on Wednesday imposed another 25 per cent levies on India for its purchases of Russian oil, bringing the total duties slapped on India to 50 per cent, among the highest imposed by the US on any country in the world.
The additional 25 per cent duty will come into effect after 21 days or August 27.
In the Executive Order titled Further Modifying The Reciprocal Tariff Rates', Trump had announced tariff rates for nearly 70 nations. The tariffs in the list ranged from 10 per cent to 40 per cent, with Japan being charged 15 per cent, Laos and Myanmar (40 per cent each), Pakistan (19 per cent), Sri Lanka (20 per cent) and the United Kingdom (10 per cent).
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