US President Donald Trump's "reciprocal tariffs" will not impact India, a White House official told CNBC-TV18 on Thursday. The statement came soon after Trump took to social media to inform that he will make an announcement related to “reciprocal tariffs” on Thursday.
A a news conference related to the same, Donald Trump announced 'reciprocal tariff’. He said, “Whatever countries charge the US, we will charge them no more, no less…"
The announcement came on a day when Donald Trump is set to meet Prime Minister Narendra Modi at White House. The bilateral meeting is likely to be held at 4 PM local time or around 2:30 AM-3 AM (IST).
Ahead of the meeting, sources in the White House told CNBC-TV 18 that Trump tariffs won't hit India. The report claimed these tariffs "could be an opportunity for India to export more and to be a bigger supplier for the world".
Sources also hinted at a new US-India defence framework and a possible trade deal by 2025 fall.
Meanwhile, a senior trump administration officials told Wion news that India and US have important partnership in critical technologies to ensure free societies are leading the way. “Expect some announcement on that today,” he reportedly said.
This will be PM Modi's first visit to the US under Trump's second term as the US President.
Reciprocal tariffs today
“Three great weeks, perhaps the best ever, but today is the big one: reciprocal tariffs!!! Make America great again!!!,” Trump wrote on his social media platform TRUTH.
Trump later announced, “News conference on reciprocal tariffs today, 1:00 PM, the oval office. Make America great again!!!”
Trump earlier announced tariffs on China, Canada and Mexico, but paused the latter two for a month after the countries made border security pledges. He imposed 10 percent tariffs on goods from China, and imposed a 30-day hold on tariffs on goods from neighboring Canada and Mexico.
Trump, who took office January 20, also announced tariffs on all steel and aluminum imports beginning on March 12.
These latest round of market-rattling tariffs ratcheted up fears of a widening global trade war and threatened to accelerate US inflation.
