What is the news?
US President Donald Trump said that there will be no change in the India-US trade agreement despite the US Supreme Court striking down the tariffs. Asked about the impact of the decision on the trade deal with India, Trump said, “Nothing will change, they will pay tariffs, and we won’t.” Yesterday, Commerce Minister Piyush Goyal had said that the interim trade agreement with America will be signed in March.
What did Trump say about tariffs on India?
Trump said, “Nothing has changed. India will pay tariffs. We will not pay tariffs. As you know, it is the opposite of what it was before. We made a deal with India and now it is a fair deal. We are not paying them tariffs. Now India is paying.” Regarding Indian Prime Minister Narendra Modi, Trump said that he is very good but was charging more tariffs than us.
Trump imposed 10 percent tariff on all countries
Just hours after the Supreme Court canceled the tariff, Trump announced to impose 10 percent tariff on all countries. He said he was going to sign an order under which a 10 percent tariff would be imposed. He said, ‘It is my great honor that I have just signed from the Oval Office a 10 percent tariff on all countries, which will go into effect immediately.’
How much tariff will be imposed on India now?
It is not certain whether the additional tariff imposed by Trump will be included in the trade agreement with India or not. After the trade agreement, America has increased the tariff on India to 18 percent.
BBC Countries that have trade deals with the US, including Britain, India and the European Union, will now face a 10 percent tariff, instead of the tariff that was imposed earlier, a White House official said.
Supreme Court cancels Trump’s tariffs
The US Supreme Court has struck down Trump’s tariffs, calling them unconstitutional. In a decision written by Chief Justice John Roberts, the Court declared the tariffs invalid under the International Emergency Economic Powers Act (IEEPA). The court said, “This 1977 law does not give the President the authority to impose tariffs. Trump has crossed the limits by imposing such comprehensive tariffs without Congress’s permission.” However, 3 judges have disagreed on the decision.
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