Trump trade war: US President announces 26% of 'discounted reciprocal tariff' on India

US President Donald Trump announced sweeping reciprocal tariffs on the trading partners of the world's largest economy on April 2. Trump's ‘Liberation Day’ announcements had no country-specific exclusions as he announced new tariff rates for more than 180 countries. Apart from country-specific tariffs, Trump also announced the imposition of a 10 per cent baseline tariff. He announced a 26 per cent reciprocal tariff on India—half the rate India imposes on US imports. Besides, Trump announced a 25 per cent tariff on automobile imports to the country, which is likely to impact auto stocks such as Tata Motors and Samvardhana Motherson.
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