US downwardly revises retaliatory tariffs on India to 26%

India was a part of the punitive measures in opposition to international locations for purportedly having probably the most unfair commerce obstacles in opposition to American merchandise. The reciprocal tariff shall be on prime of present import duties within the case of most merchandise.

Whereas saying reciprocal tariffs for international locations globally on Wednesday in Washington DC, President Donald Trump did present a 26% further tariff on Indian imports. However the country-specific chart in annexure 1 of the White Home’s doc – ‘Regulating Imports with a Reciprocal Tariff to Rectify Commerce Practices that Contribute to Giant and Persistent Annual United States Items Commerce Deficits’ – confirmed it as 27%.

On Thursday morning, Indian authorities officers additionally confirmed that the US’s further retaliatory tariff imposed on India was 27%. The identical annexure 1 desk is now modified by 100 foundation factors for India and 15 different nations.

In keeping with the White Home doc on Friday morning (India time), the tariff for Bosnia and Herzegovina was diminished from 36% to 35%, Botswana from 38% to 37%, Cameroon 12% to 11%, Falkland Islands 42% to 41%, Malawi 18% to 17%, Myanmar 45% to 44%, Nicaragua 19% to 18%, Norway 16% to fifteen%, Pakistan 30% to 29%, Philippines 18% to 17%, Serbia 38% to 37%, South Africa 31% to 30%, South Korea 26% to 25%, Switzerland 32% to 31%, Thailand 37% to 36% and Vanuatu 23% to 22%.