Trump imposes a 26% tariff on India..!? How will it affect the economy?

The US has imposed 26% tariffs on indian imports, 34% on china, 20% on the european union and 24% on Japan. Let us now find out how this decision taken by trump will affect India. trump has imposed import tariffs on foreign countries. This is a huge blow to India. A 26% tariff was imposed on India. A 10% tariff was imposed on all goods coming into the US. The countries that imposed the highest tariffs on American goods were hit with higher tariffs. They imposed 26% tariffs on indian imports, 34% on china, 20% on the EU and 24% on Japan. They imposed reverse tariffs on countries like india because they unfairly taxed American goods. trump called it Liberation Day. trump recently said that Modi is his best friend.
Trump said that these tariffs are necessary to restart manufacturing in the united states and reduce business losses and that America is entering a new era in history. He said this is Liberation Day for America. trump said that America will become powerful again and make money again. The stock markets fell on this announcement. The US has already imposed high taxes on aluminum, steel, and cars imported from India. With this decision taken by trump, heavy taxes will be imposed on goods exported from india to the US. This will affect companies providing American services in India. Economists believe that the goods we import from the US will also be affected.

What percentage of tariffs will trump impose on which countries:
Trump has announced a 34% tariff on imports from china, a 26% tariff on goods from india, a 20% tariff on goods from the european union, a 25% tariff on goods from South Korea, a 24% tariff on goods from Japan, and a 32% tariff on goods from Taiwan. trump has currently exempted pharmaceutical exports from reciprocal tariffs. This has been a relief for indian companies like sun Pharma (33% of revenue from the US), Dr. Reddy’s Laboratories (48.5%) and Aurobindo Pharma (48.3%). Other sectors exempted from the recent tariff announcements are steel, copper, bullion, energy, and other specified minerals.

The reciprocal tariffs will hit India’s electronics sector, which relied on the US for 32 percent of its exports in the fiscal year ending march 2024. trump has increased reciprocal tariffs on china to 34 percent and vietnam to 46 percent. Therefore, India’s textile and apparel sector could become more competitive compared to china and Vietnam. Truck exporters are likely to be hit by the increased tariffs in the US. However, there will be no direct impact of the tariffs on IT services.