00:00from the second of April the Trump administration will impose tariffs on
00:13goods exported by its key trading partners including India that will match
00:17the rates charged by them along with India the European Union South Korea and
00:22Brazil among other countries are also likely to be impacted by these reciprocal
00:26tariffs these tariffs are key to Trump's aim to what he describes as freeing the
00:34United States from foreign goods and on trade I have decided for purposes of
00:40fairness that I will charge a reciprocal tariff meaning whatever countries charge
00:46the United States of America we will charge them no more no less in other
00:51words they charge us a tax or tariff and we charge them the exact same tax or
00:59tariff very simple nobody knows what that number is unless you go by the
01:03individual country you can see what it is if you go to the individual country and
01:08you look at what they're charging us in almost all cases they're charging us
01:13vastly more than we charge them but those days are over Trump on various forums has
01:19stated that many countries including India have been charging higher tariffs on
01:24American goods while industries across the world dread the announcement the
01:29apex public policy think tank of India need the IO has stated that reciprocal
01:34tariffs will have a mixed impact on Indian industry and could in fact create
01:38several opportunities for the country it will be a mixed impact and I say this
01:46because while we will be adversely impacted by higher tariffs on these items as
01:52president Trump has said and therefore you know our exporters will be at a
02:00disadvantage but at the same time he is putting much higher tariffs on neighboring
02:05countries like Mexico and Canada and also China which are also major exporters of
02:11these items to the u.s. so to that extent our exporters may be at a at an
02:15advantage the u.s. has already imposed 25 percent import duties on steel and
02:22aluminum products from the 12th of March and it has also announced a sweeping 25
02:26percent tariff on completely built vehicles and auto parts and on trade
02:33president Trump continues to take bold action to protect America's critical
02:37steel and aluminum industries much like he did in his first term and the
02:42president signed proclamations to close existing loopholes and exemptions to
02:46restore a true 25 percent tariff on steel and elevate the tariff on aluminum to
02:5125 percent as well this administration believes these tariffs will protect our
02:56national security and put American workers first some experts suggest that higher u.s.
03:02taxes on Indian goods may increase export prices reducing demand they believe the
03:08move could be counterproductive for the u.s. and the global economy escalating
03:12inflation in America Donald Trump is having plans for imposing reciprocal
03:20tariffs on many countries including India my view is that that's going to
03:26negatively impact American economy as well as the global economy see now a tariff war
03:33would escalate inflation in America and u.s. has been fighting inflation for the
03:40past two and a half to three years so that's perhaps going to negatively impact
03:44u.s. economy itself plus the global economy is already trying to creep out of a
03:51slowdown so a tariff war is likely to get the global economy back into slowdown and
03:58perhaps a recession also as far as India is concerned we are a country which is
04:05primarily dependent on domestic demand so we are not going to be impacted much
04:11the announcement to impose reciprocal tariffs came ahead of Trump's meeting with
04:16Prime Minister Modi during the latter's high-stakes visit to the u.s.
04:19earlier this year while in Washington Modi and Trump discussed a potential trade
04:24deal between the two countries a team of u.s. officials headed by assistant u.s.
04:30trade representative for South and Central Asia Brendan Lynch recently visited
04:35Delhi for negotiations on the proposed bilateral trade agreement with India and
04:42this announcement on reciprocal tariffs by President Trump comes at a time when
04:46both nations have expressed their intentions to strengthen the economic
04:52partnership and a commitment in fact Mr. Modi Prime Minister Modi spoke about a
04:58commitment or at least indicated a commitment to reduce tariffs on specific u.s.
05:03goods and the aim to double bilateral trade by 2030 to 500 billion u.s.
05:10dollars so in fact the reciprocal tariff policy could serve as a catalyst for
05:16more you can call them balanced trade negotiation India and the u.s. are aiming to
05:22conclude the first phase of the trade agreement by September October 2025 the
05:28two countries have also set a target to more than double the bilateral trade to
05:32500 billion u.s. dollars by 2030 from the current 190 billion u.s. dollars
Comments