Just a day after imposing 25 percent tariffs on imports from India, U.S. President Donald Trump justified his move, saying that the action is making America great and rich again.
In a post on Truth Social, Trump contended that the United States had long been the victim of unjust tariff tactics.
He attributed previous leaders for not preventing this imbalance, saying, ".Along with really dumb, pathetic, and crooked politicians, (the tariffs) were having a devastating effect on the future, and even the very survival, of our country." He continued to assert that this trend has now been reversed, saying that the U.S. has been able to successfully fight back against years of disadvantage due to tariffs.
ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST' COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!" Trump stated in his message.
The latest move involves a 25 percent retaliatory duty on Indian goods, as well as an unspecified penalty involving trade with Russia, both to come into effect on August 1.
As he announced the move, Trump condemned India's trade policy, describing India's tariffs as "among the highest in the World" and blaming it for imposing "the most strenuous and obnoxious non-monetary Trade Barriers of any country." He also noted that because of such tariffs, U.S. trade with India had been comparatively small throughout the years.
India's Reaction to the Tariff Hike
In turn, the government of India recognized the U.S. statement and added that it is in the process of evaluating the possible implications.
The Ministry of Commerce and Industry made a statement which read that New Delhi and Washington have been in discussions for a number of months with the intention of finding a "fair, balanced, and mutually beneficial bilateral trade agreement." The ministry confirmed that India remains committed to that purpose.
In addition, the ministry confirmed that the government gives top priority to protecting the interests of Indian farmers, businessmen, and micro, small, and medium enterprises (MSMEs). It ended by pledging that everything possible would be done to maintain the national interests of the country.
