America is going to implement its retaliatory tariffs across the world from Wednesday. This will affect the whole world including India. The Indian stock market was also not untouched by its impact and on Tuesday the Sensex fell by almost 1400 points and the NSE Nifty saw a decline of 353 points.
President Trump’s much-anticipated tariffs are set to go into effect earlier than some had expected, the White House said Tuesday. As previously announced, the US would impose reciprocal tariffs late April 2 or early Thursday morning.
It is worth noting that US President Donald Trump had announced that the US will impose tariffs equal to those imposed by different countries. Trump, who has been calling April 2 as Liberation Day, had claimed that India is going to reduce its tariffs substantially.
Trump said, “Some time ago I heard that India is going to reduce its tariffs significantly. I asked why no one was reducing it earlier. Many other countries are also going to reduce their tariffs. The EU has already reduced the tariff on cars by 2.5 percent.”