United States President Donald Trump, on Friday, i.e., August 8, hailed his sweeping tariffs as a catalyst for stock market gains, claiming “new records are being set every day”.
US President Donald Trump (Image credit: Reuters)
United States President Donald Trump, on Friday, i.e., August 8, hailed his sweeping tariffs as a catalyst for stock market gains, claiming “new records are being set every day”. “Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set,” Trump wrote in a post on Truth Social.
Trump claimed that “hundreds of billions of dollars” were flowing into US coffers, warning that if a “Radical Left Court” struck down the measures, “it would be 1929 all over again, a GREAT DEPRESSION!” The post came just hours after tariffs of 10 per cent or more came into effect on goods from over 60 countries and the European Union. Products from the European Union, Japan, and South Korea face a 15 per cent tariff, while those from Taiwan, Vietnam, and Bangladesh are levied at 20 per cent. India’s neighbour, Pakistan, faces a 15 percent tariff.
India at 50 percent
US President Donald Trump signed a fresh executive order slapping an additional 25 percent tariff on imports from India, citing New Delhi’s business with Russia. This brings the total levy to 50 per cent. With the new tariffs, India and Brazil are the countries with the highest levies at 50 percent. The tariffs will take effect 21 days after the executive order is issued. According to the executive order, the White House has stated that the Indian government is importing Russian crude oil or petroleum products either directly or via intermediaries.
In response, India called the move “unfortunate”, terming it as “unfair, unjustified, and unreasonable”. The Ministry of External Affairs (MEA) has declared that the government will take all necessary actions to protect the national interests.
‘Will have to pay a heavy price’
In a strong message against the tariffs imposed by the United States, Prime Minister Narendra Modi said on Thursday that India will prioritise its interests and would not make compromises in order to protect its farmers, fishermen, and dairy sector, even if doing so came at a high cost. When US President Donald Trump imposed a 50% tariff on India for its ongoing purchases of Russian oil, his comments were perceived as a direct response.
Speaking at the MS Swaminathan Centenary International Conference in Delhi, PM Narendra Modi said, “For us, the interest of our farmers is our top priority. India will never compromise on the interests of farmers, fishermen and dairy farmers. I know we will have to pay a heavy price for it, and I am ready for it. India is ready for it.”
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