In a separate move aimed at boosting domestic manufacturing, Trump also imposed a 100 per cent tariff on imported semiconductors, exempting only those companies that manufacture in the US or have committed to doing so.
India will always prioritise its national interests --even if that comes at a cost-- Prime Minister Narendra Modi said on Thursday, in remarks widely seen as a direct response to Washington’s steep tariff
Speaking at the MS Swaminathan Centenary International Conference, PM Modi signalled that his government is prepared to face the consequences of America’s most punitive trade action yet, reaffirming his commitment to protecting Indian farmers. Talks between the two sides remain stuck, with India unwilling to scale back its agricultural safeguards.
As of 7 August in the
Celebrating the move, Trump posted on Truth Social, “It’s midnight!! Billions of dollars in tariffs are now flowing into the United States of America!”
He added that the money would come from nations that had “taken advantage” of the US for years.
In another post, he wrote, “The only thing that can stop America’s greatness
Last week, Trump signed executive orders imposing new tariff rates on imports from nearly 70 countries. These duties range from 10 per cent to significantly higher levels for countries like Laos, Myanmar and Syria.
According to Bloomberg, the new measures would raise the average US tariff rate to 15.2 per cent, its highest since World War II and a steep increase from 2.3 per cent last year.
