One day after imposing a 25 per cent tariff on Indian imports, U.S. President Donald Trump justified the action by stating that tariffs are assisting in the restoration of the country's economic power and international position.
Addressing Truth Social, Trump claimed the United States had been under unfair trade practices for many years. "
Combined with really stupid, pathetic, and corrupt politicians, (the tariffs) were having a catastrophic effect on the future, and even the existence, of our nation," he said, claiming previous administrations let other countries take advantage of the U.S. by way of one-sided trade policies.
He announced that things had changed a lot on his watch, boasting of success in turning back the adverse effects of foreign tariffs. "The tide has completely turned," Trump said, saying that the U.S. had succeeded in pushing back against what he termed as a tidal wave of tariffs aimed at American products.
"ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST' COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!" Trump typed in all caps.
The 25 per cent tariffs on Indian products announced recently, and the yet-to-be-detailed penalty on imports linked to Russian purchases, are to be implemented on August 1.
Describing the reason for the decision, Trump asserted that India's tariff regime is "among the highest in the World" and blamed the nation for having "the most strenuous and obnoxious non-monetary Trade Barriers of any country." He also alleged that large import duties had largely restricted the volume of U.S.-India trade over the past few years.
After the announcement, India's Ministry of Commerce and Industry released a statement welcoming the development. It added that the Indian government was in the process of considering the possible effects of the U.S. action.
The ministry also pointed out that India and the U.S. have been meaningfully engaged over the past several months in negotiations with a view to clinching "a fair, balanced, and mutually beneficial bilateral trade agreement." India, according to the statement, remains committed to achieving that objective.
Reiterating its position, the ministry pointed out that the government attaches highest priority to protecting the interests of farmers, businessmen and small and medium enterprises (MSMEs). It ensured that all measures would be taken to ensure the nation's economic and strategic interests.
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