US slaps 26% tariff on India, lower than Asian peers...

 

US slaps 26% tariff on India, lower than Asian peers Here's a 2-paragraph thread on the US imposing a 26% tariff on India: The US has slapped a 26% tariff on imports from India, effective April 9, with a 10% baseline tariff starting on Saturday. This move is part of President Donald Trump's global trade policy, which has been causing jitters in world markets. Trump justified the tariff, saying India charges the US 52% while the US charges almost nothing. Notably, this tariff is lower than those imposed on other countries, such as China (34%) and Vietnam (46%). See also:Myanmar earthquake toll crosses 3,000; forecast rains pose new threat for rescuers.

Despite the tariff, India's equity markets remained relatively calm, with the Nifty 50 and BSE Sensex down only 0.3% each. The rupee also fell by 0.3% against the dollar before recovering. Interestingly, India's pharmaceutical exports were exempted from the tariff, boosting the country's pharma industry. With the US having a trade deficit of $46 billion with India, this move may add pressure on Indian Prime Minister Narendra Modi to negotiate better trade terms.