India to face 26% US tariff as Trump unveils reciprocal trade measures on global imports; China hit with 34%

After weeks of anticipation, President Donald Trump unveiled a new set of tariffs on both allies and adversaries, aiming to address what he describes as unfair trade practices. The tariffs, which are set to impact countries that impose high duties on U.S. exports, will see India facing a 26% tariff on its goods entering the US, along with significant penalties for other nations.

China, which has long been a target of US trade actions, will face a hefty 34% tariff, while the European Union will see a 20% levy. Vietnam, another key player in the global trade landscape, will bear the heaviest burden with a 46% tariff on its imports to the U.S.

The tariffs, which Trump announced on what he referred to as “Liberation Day,” are designed to boost US manufacturing and punish countries for trade imbalances. Under the “Fair and Reciprocal Plan,” the US will impose tariffs equal to the ones that other nations have placed on U.S. goods.

Trump’s announcement came during the “Make America Wealthy Again” event at the Rose Garden. On February 13, the 47th US President had outlined plans to review tariffs and trade policies imposed by other countries on US exports.

Here’s a timeline of key developments related to Trump’s tariff policies:

• February 1: Trump signs executive orders imposing 25% tariffs on all goods from Mexico and Canada, as well as 10% on Canadian energy and Chinese goods.
• February 3: A one-month delay on Canadian and Mexican tariffs is announced after tighter border security agreements.
• February 13: Trump announces the “Fair and Reciprocal Plan,” to take effect on April 2.
• March 4: Tariffs on goods from Canada and Mexico come into effect, along with an additional 10% tariff on Chinese imports.
• March 26: Trump announces 25% tariffs on foreign-made cars and auto parts.
• April 2: The reciprocal tariffs, including those on autos, come into effect.
• April 2: The Trump administration announced that it would impose a 25% tariff on all beer imports, extending its aluminium tariffs to include the beverage and empty aluminium cans.