The US has officially started imposing tariffs on dozens of countries, including India. At the same time, Prime Minister Narendra Modi will chair an important high-level cabinet meeting at 1 pm today, in which the impact of the recent heavy tariff hike imposed by the US on Indian exports will be assessed. At the same time, some important decisions can also be made in this meeting.
The US decided to increase tariffs on India by 50 percent
This step has been taken amid growing trade tensions between the two countries after the US decided to increase tariffs on Indian goods by 50 percent. India's strategic response to the US action is expected to be discussed in this meeting.
The White House said that from midnight on Thursday, products coming from more than 60 countries and the European Union will be subject to a tariff of 10 percent or more.
Tariffs will also be imposed on these countries.
Products coming from the European Union, Japan, and South Korea will be taxed at 15 percent, while imports from Taiwan, Vietnam, and Bangladesh will be taxed at 20 percent. Trump also hopes that countries like the European Union, Japan, and South Korea will invest billions of dollars in the US.
An American trade association warned Trump.
The new tariff on Indian goods will also affect the kitchens of Americans. The reason is that the new tariff will make the spices imported from India expensive, which will increase the cost of food.
A trade association warned on Wednesday that many spices used by home kitchens, restaurants, and big manufacturers are imported from India, and the 50 percent tariff imposed on India by President Donald Trump may increase the cost. According to the US Department of Agriculture, last year the US imported spices worth more than 410 million dollars from India.
America is adamant about agriculture and dairy products.
After the ongoing talks between India and the US on the bilateral trade agreement and the announcement of tariffs by the Trump administration, this statement by Prime Minister Modi is being considered very important. Agriculture and dairy products are proving to be a big hurdle in the bilateral talks between India and the US. America is adamant about opening the Indian market for its agricultural and dairy products.
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