Former US President Donald Trump stated that his administration had secured “historic trade deals” with multiple countries, leading to hundreds of billions of dollars flowing into the US treasury. He highlighted deals with the United Kingdom, China, Indonesia, Vietnam, the Philippines, Japan, South Korea, and the European Union. Trump asserted that the revenue generated was in the trillions of dollars, exceeding previous estimates.
Simultaneously, the US Customs and Border Protection (CBP) issued a draft notice indicating increased duties on imports from India, a consequence of Trump’s Executive Order 14329. The notice outlined a rise in tariffs on Indian goods to 50 percent, effective August 27. This escalation followed Trump’s earlier announcement of a 25 percent tariff on July 30, citing India’s high tariffs and trade barriers. Trump also criticized India’s military equipment purchases from Russia.
In response to the impending 50 percent tariff, Indian Prime Minister Narendra Modi stated India would increase its strength to withstand the pressure, highlighting the ‘Atmanirbhar Bharat Abhiyan’ initiative.