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India imports 20 such items from the US that cost more than 100% tariffs.
India can cut tariffs of some expensive goods imported from America. According to the NDTV report, Nirmala Sitharaman can announce it on 1 February while presenting the budget. Steel, expensive motorcycles, electronic goods are in this list, which may be cut in tariffs.
India imports 20 such items from America which are charged more than 100% tariffs. In fact, US President Donald Trump threatened to impose high tariffs on countries like India, China and Brazil at an event in Florida yesterday.
America is a major trading partner of India. In 2023-24, trade between the two countries was more than $ 118 billion. India’s trade surplus was $ 41 billion.
Trump said that he will keep America first
Trump said yesterday-
We are going to put tariffs on countries and outsiders who want to harm us. See what other countries do. China puts a lot of tariffs. India, Brazil and other countries also do the same. We will not let this happen anymore because we will keep America first.
Countries control business by reducing tariffs
Tariff is a tax imposed on products exported from other countries. The country controls the business among themselves only by decreasing it. The country that imports the products imposes tariffs so that the price of goods made in the country can be low compared to goods from outside.
In order to avoid more tariffs than fixed tax, all countries talk with the World Trade Organization and decide a bound rate.
Trump threatened to put 100% tariff
Trump also threatened to impose 100% tariff on BRICS countries during the election campaign. Trump said that we should guarantee from BRICS countries that he will not create any new currency instead of US dollars for trade nor will they trade in any other country’s currency. If BRICS countries do this, they will have to face 100% tariff on exports to the US.
India, Brazil and China are the members of the BRICS countries of the three. India does more than 17% of foreign trade with America. America is the largest buyer of Indian agriculture products such as fruits and vegetables. In 2024, the US also imported 18 million tonnes of rice from India.
In such a situation, if the US imposes 100% tariff, then Indian products will also start selling at double the price in American markets. This will reduce its demand among the American public.
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