US President Donald Trump on Thursday signed a comprehensive executive order imposing high tariffs on several countries and 27 -member European Union, which further intensified his administration’s global trade campaign.This order titled “mutual tariff rates and modification” will be effective from August 7 and the rates will increase to 41%.
India has a 25 percent “adjusted mutual tariff”, one of the highest rates among the major American trading partners. The White House justified the move, citing India’s “disgusting non-modern trade barriers”, frequent trade imbalances and strong energy and defense relations with Russia. Although the initial tariff deadline was 1 August, it was postponed until 7 August to give the US customs and border security time to update its system.
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A senior official, on the condition of anonymity, told reporters of the Associated Press that the expansion reflects the government’s need for more time to reconcile tariff rates. This increase in tariffs is part of Trump’s improper trade deficit and efforts to balance national security risks. Large trade surpluses or inadequate strategic coordination countries with the US have been the highest increase. The highest increase includes 41 percent on Syria, 40 percent on Laos and Myanmar, 39 percent on Switzerland, 35 percent on Iraq, Serbia and Canada. According to the new executive order, India has been imposed 25 percent tariff in South Asia, while Pakistan has been imposed 19 percent tariff. The US has announced the imposing mutual tariffs adjusted from 10 percent to 41 percent on 95 countries and regions based on trade deficit and strategic coordination.