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Former US President Donald Trump, who is running for the White House again in 2024, said recently that he would impose tariffs on India if re-elected, citing the high tariffs India places on American goods entering the country. Mint takes a closer look at what’s happening.
- During an interview with journalist Larry Kudlow, the 77-year-old former president criticized India for its high tariffs, particularly on US brands such as Harley-Davidson. He threatened to use retaliatory tariffs against India if re-elected to the White House in 2024.
- Trump has long been a critic of India’s high tariffs on some American products. In 2019, he labeled India the “king of tariffs” and called its policies “unacceptable”. His latest comments will be of some concern, given that he has a reasonable chance of returning to the White House in 2024.
- In 2018 the Trump administration slapped national-security tariffs on Indian exports of iron and steel to the US. According to the Peterson Institute for International Economics, this covered around 2.3% of Indian exports to the US at the time.
- In 2019, India was removed from the Generalised System of Preferences (GSP) scheme which allowed developing countries to export various goods to the US without attracting tariffs.
- India then imposed retaliatory tariffs on the US in 2019. “India’s new tariffs of June 16, 2019, covered $1.3 billion of exports, or roughly 5.5% of US exports to India in 2017,” the Peterson Institute wrote at the time.
- Trade tensions have eased somewhat during the Biden administration. The US and India agreed to terminate six disputes at the WTO in a move that coincided with Prime Minister Narendra Modi’s state visit.
- “India also agreed to remove retaliatory tariffs, which it had imposed in response to the U.S. Section 232 national security measures on steel and aluminium, on certain US products, including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents,” the US government said at the time.
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