US President Donald Trump has announced tariffs for all the countries of the world. Trump has named it discounted recipes. Announcing the tariff, Trump said it is Mukti Day, which America had been waiting for a long time. Trump has imposed 26 percent tariff on India. Trump also mentioned PM Narendra Modi’s visit to America in his address.
What did Trump say about India?
The US has announced to impose 26 percent discounted recipe on India. Donald Trump said, ‘Prime Minister of India Narendra Modi recently came to America. He is my very good friend. But, during this visit, I told Prime Minister Modi that you are not treating us properly. India always charges 52 percent tariffs from America. So we will take half 26 percent tariff from them.
What will be the effect of the tariff?
India is one of the most affected countries with discounted reciperook tariffs. According to experts, the worst effect of this tariff can be on the textile industry, apparel sector and jewelery sector.
In 2023-24, the US had a 28% participation in textile exports of about $ 36 billion (about Rs 3 lakh crore) from India, which is about 10 billion dollars (about 85,600 crore rupees). Year after year, this sector has seen an increase in Indian trade with America. In 2016-17 and 2017-18, America’s share of total exports in textile industry was 21%, which reached 25% in 2019-20 and 29% in 2022-23.