How much tariff will India pay after US SC ruling, Trump’s 10% global duty? What White House said


How much tariff will India pay after US SC ruling, Trump’s 10% global duty? What White House said

NEW DELHI: India will pay a 10 per cent tariff “until another authority is invoked,” the White House said on Friday, after US President Donald Trump signed an executive order imposing a 10 per cent tariff on imports from all countries, news agency ANI reported.This comes after the US Supreme Court delivered a stunning rebuke to President Donald Trump, ruling in a 6–3 decision that his global tariffs are illegal.When asked whether India will have to pay a 10 per cent tariff and whether it would replace previous tariffs imposed under the International Emergency Economic Powers Act (IEEPA), a White House official said, “Yes, 10% until another authority is invoked.”The official also advised all trade partners to abide by their trade deals. The new 10% global tariff is part of Trump’s protectionist trade agenda, aimed at addressing balance-of-payments issues and unfair trade practices.

.

Following the major legal defeat at the US Supreme Court, US President Donald Trump announced a 10 per cent global tariff “effective immediately.”“Effective immediately, all the national security tariffs under Section 232 and existing Section 301 tariffs remain in place… Today, I will sign an order to impose a 10% global tariff under Section 122 over and above our normal tariffs already being charged,” Trump said.Terming SC’s ruling as a “terrible decision”, Trump announced he would sign an executive order for a 10% global tariff under Section 122 of the Trade Act of 1974. This authority allows for a temporary import surcharge (up to 15%) for 150 days to address balance-of-payments deficits.“Effective immediately, all the national security tariffs under Section 232 and existing Section 301 tariffs remain in place… Today, I will sign an order to impose a 10% global tariff under Section 122 over and above our normal tariffs already being charged,” he said.Also read | Why US Supreme Court struck down Donald Trump’s trade tariffs; explained in 10 points

Nothing changes for India: Trump

Earlier on Friday, Trump said that there will be no change in the India-US trade deal.Trump said, “Nothing changes, they’ll be paying tariffs, and we will not be paying tariffs. So, the deal with India is they pay tariffs. This is a reversal for what it used to be. I think Prime Minister Modi is a great gentleman, a great man, actually, but he was much smarter than the people that he was against in terms of the United States. He was ripping us off, India. So we made a deal with India, it’s a fair deal now, and we are not paying tariffs to them and they are paying tariffs. We did a little flip.”Also read | Nothing changes for India: Donald Trump’s big statement on trade dealEarlier this month, US President Donald Trump and Prime Minister Narendra Modi announced that they had agreed on a trade deal. A delegation from India is expected to travel to the US in the next few days to finalise the interim trade deal.



Source link

  • Related Posts

    Asha Sharma named new CEO of Microsoft Gaming: Read Satya Nadella’s message to staff

    Phil Spencer, Microsoft Gaming CEO is retiring. The software giant has named another Microsoft executive Asha Sharma as the new Vice President and CEO of Microsoft Gaming. Announcing the update,…

    “They pushed me off a moving train, but they couldn’t push me out of my destiny.” Arunima Sinha, the first woman amputee to climb Mount Everest

    On a cold night in 2011, a young national-level volleyball player lay alone on railway tracks, her life split into a before and an after she could never have imagined.…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    en_USEnglish