PM lauds Japan’s commitment to ‘Make in India, Make for the World
PM Modi also highlighted the importance of enhanced cooperation in skill development, which remains a key pillar of India-Japan bilateral ties.
As he doubled down on his threats to impose reciprocal tariffs, President Donald Trump accused India of charging tariffs higher than 100 per cent on autos, even though India has slashed the highest rate to 70 per cent.
“India charges auto tariffs higher than 100 per cent,” he said in his address to a joint session of Congress on Tuesday, outlining his policies.
Advertisement
However, Finance Minister Nirmala Sitharaman announced in her budget last month that the tariffs on luxury cars were being cut to 70 per cent from 125 per cent.
Advertisement
She also cut tariffs on high-end motorcycles from 50 per cent to 40 per cent.
Commerce Minister Piyush Goyal is to visit Washington to discuss tariffs with US officials.
“Countless other nations charge us tremendously higher tariffs than we charge them,” Trump said, justifying his programme of raising tariffs.
The reciprocal tariffs would come into effect on April 2.
“Whatever they tariff us,” he declared, “we will tariff them.”
“China’s average tariff on our products is twice what we charge them, and South Korea’s average tariff is four times higher,” he said, also mentioning Brazil.
His speech came the day when his 25 per cent tariffs on imports from Canada and Mexico, and an additional 10 per cent came into effect.
Trump admitted that tariffs would cause “a little disturbance” and “there could be an adjustment period” but asserted that it would make the US richer.
That was meant to inoculate himself against criticism of the effects of the tariffs.
The stock markets have been down by more than three per cent in the last two days and retailers have warned of impending increase in prices of groceries.
Tariffs by India on imports from the US have been one of Trump’s favourite talking points. In the past, he has mentioned the Indian tariffs on Harley-Davidson motorcycles and whiskey.
Advertisement
