Trump: Imposes 25% tariff on Indian goods.

According to CCTV News, on July 30th local time, U.S. President Trump announced on his social platform "Truth Social" that starting from August 1st, the U.S. will impose a 25% tariff on goods from India, and will also impose additional punitive fees for "inappropriate behavior." The 25% tariff is slightly lower than the 26% tariff threat that Trump made in April towards India, but still significantly higher than the current level. In recent years, the average import tariff on Indian goods by the U.S. has been only 2.4%. Last year, the U.S. imported nearly $90 billion worth of goods from India. The main goods imported from India to the U.S. include smartphones, chemicals, plastic products, leather products, Shenzhen Agricultural Power Group, and metal products. In 2022, the average effective tariff imposed by India on U.S. products is 5.2%. The main goods imported from the U.S. to India include oil, machinery, cement, glass, and stone. Trump posted on his self-created social media platform Truth Social on Wednesday, stating that India's tariffs are "too high," and describes other trade barriers as "harsh and offensive." He also mentioned that India will face additional penalties for relying on energy and military equipment from Russia. India's Ministry of Commerce and Industry stated that the government is assessing the impact of Trump's tariff announcement. The Ministry said in a statement: "India has been negotiating a fair, balanced, and mutually beneficial bilateral trade agreement with the U.S. for the past few months. We remain committed to achieving this goal." The deadline set by Trump for trade negotiations is on August 1st, and he reiterated on Wednesday that this deadline will not be extended. Trump also hinted that dozens of countries will face tariffs as high as 20%, higher than the 10% he announced in April. Trump has repeatedly stated that his goal with the large-scale tariff policy is to significantly reduce the U.S. trade deficit with other countries. However, economists have questioned this motive. They point out that importing goods from countries with lower labor costs can allow U.S. consumers to purchase finished products at lower prices. Additionally, there is significant uncertainty regarding whether American workers are willing or able to engage in the low-skilled or even dangerous work required to produce imported goods such as clothing, toys, and chemical products. According to a report released by the Yale University Budget Lab on Monday, American consumers currently face an actual tariff rate of 18.2%, the highest level since 1934, and it is estimated that each household will lose up to $2400 by 2025 as a result. This estimate does not include the 25% tariff imposed on India on Wednesday. This article is reprinted from "CaiLian News," GMTEight Editor: Liu Jiayin.