US to charge India 26% in ‘discounted’ reciprocal tariffs, announces Donald Trump

US President Donald Trump on Wednesday (local time) announced sweeping ‘discounted’ reciprocal tariffs on several countries, including India, which will be charged 26 per cent of its imports. However, Trump said the tariffs will not be fully reciprocal and the US will charge countries around half of the levies they put on Washington.

In a press conference at the Rose Garden in the White House, Trump called Prime Minister Narendra Modi, who visited the US in February, his “great friend”, but said India “haven’t been treating the US right”.

“India, very, very tough. The Prime Minister just left. He’s a great friend of mine. But you haven’t been treating us right. They charge us 52 per cent,” he said.

Trump said the US will calculate the combined rates of all tariffs, including non-tariff barriers, and charge them approximately half of what the countries have been levying on the US.

This is a developing story. It will be updated.