Donald Trump, speaking recently, announced the achievement of what he termed “historic trade deals” with numerous countries. He stated that these agreements were resulting in substantial financial contributions from foreign nations to the US treasury. He named the United Kingdom, China, Indonesia, Vietnam, the Philippines, Japan, South Korea, and the European Union as partners in these deals, which, he claimed, were generating trillions of dollars.
Concurrent with these announcements, the US Customs and Border Protection (CBP) issued a draft notice concerning increased tariffs on imports from India. This action was a follow-up to Trump’s Executive Order 14329. The draft detailed that tariffs on Indian goods would be raised to 50 percent, effective August 27. This escalation came after Trump’s initial announcement on July 30, when he declared a 25 percent tariff on Indian goods, motivated by what he saw as excessive trade barriers and India’s reliance on Russian military equipment and energy.
In response to the proposed tariff increases, Prime Minister Narendra Modi affirmed India’s resolve to strengthen its economy and withstand the external pressures.