- By Nidhi Giri
- Wed, 18 Dec 2024 10:21 AM (IST)
- Source:JND
Donald Trump, the US President-elect, vowed to impose reciprocal tariffs on India in retaliation for the “high taxes” charged by New Delhi on imports of certain American goods. Speaking to reporters at his Mar-a-Lago resort on Monday, Trump said that India and Brazil were among countries that imposed high tariffs on certain US products. Trump's comments came as part of a broader conversation about trade relations with major US partners, including China, Mexico, and Canada.
Trump made it clear that his administration would adopt a tit-for-tat approach, saying, "If they tax us, we tax them the same amount."
"The word reciprocal is important because if somebody charges us - India, we don't have to talk about our own - if India charges us 100 per cent, do we charge them nothing for the same? You know, they send in a bicycle, and we send them a bicycle. They charge us 100 and 200. India charges a lot," he further said
"India charges a lot. Brazil charges a lot. If they want to charge us, that's fine, but we're going to charge them the same thing," Trump said.
Earlier, Donald Trump hinted at fresh tariffs on imported steel to safeguard the American steel industry. The move is likely to impact Indian steel companies at a time when they are grappling with several challenges in international markets and facing a sharp decline in exports.
Trump said that he would even block Nippon Steel, a Japanese company, from acquiring the Pennsylvania-based steel manufacturer, US Steel.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan. Through a series of tax incentives and tariffs, we will make the U.S. Steel strong and great again, and it will happen FAST! As President, I will block this deal from happening. Buyer beware!!!” Trump had said.
During the first half of the ongoing financial year, steel imports into India surged by approximately 41 per cent, while exports declined by 36 per cent, official data stated.
The Commerce and Industry Ministry and the Steel Ministry met with industry stakeholders to discuss the looming problems in the steel industry. Taking note of the domestic steel industry’s concerns, the Steel Ministry proposed a 25 per cent safeguard duty on the import of certain steel items, PTI reported.