Us President Donald Trump Announced Trade Deficit: US President Donald Trump has announced the US trade deficit with Mexico and Canada. He said that America will no longer give hundreds of billion dollars subsidy to these countries. He also said that America will not give priority to other countries at the cost of its interests as before.
America’s trade deficit occurs when it imports more to a country than exports. President Trump said that the subsidy given to Mexico and Canada will now be stopped. America has the largest purchasing power in the world, due to which it has to face trade deficit with many countries.
Announcement to implement tariffs on India
Trump has also given a big blow to India. He has announced to implement new tariffs on India from the month of April. This decision can affect the relations between India and the US in the field of trade and exports. However, Trump has not clarified what kind of products this tariff will apply.
Tariff on Mexican and Canadian imports
President Donald Trump has announced a 25% tariff on Mexican and Canadian imports, although this duty on Canadian energy imports has been limited to 10%. Along with this, Trump has also doubled the tariffs on Chinese products last month to 20%.
China’s response
Beijing has also reacted after Trump’s decision. China has imposed a tariff of up to 15% on US agricultural exports, which is likely to have a major impact on the US agricultural industry. Apart from this, China has also implemented export control and other restrictions on them, expanding the list of American companies.
Mexico retaliation
The President of Mexico said on Tuesday (March 4) that his country would put a counter -tariff on American goods, about which detailed information will be given on Sunday during an event at Central Plaza in Mexico City. This delay shows that Mexico is still expecting that it will be able to reduce this trade war, but if it does not happen, strict steps will be taken.
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