Tariff on India Reduced to 26% from 27%, Says Revised White House Document
India’s tariff rate was set at 27%, against 26% shown previously by Trump during the announcement on April 2. However, the latest document shows that tariffs have been lowered down to 26%.
Tariff on India Reduced to 26% from 27%, Says Revised White House Document
The reciprocal tariffs levied previously in close to 14 countries, including India have been revised, a White House document showed on April 4.
India’s tariff rate was set at 27%, against 26% shown previously by Trump during the announcement on April 2. However, the latest document shows that tariffs have been lowered down to 26%.
During his April 2 address, Trump called PM Narendra Modi a 'friend' but said that New Delhi has not been treating Washington 'right' and therefore slapped the fifth-largest economy with 26 per cent tariffs. This move is being undertaken to strengthen US’s domestic manufacturing industries and reduce its trade deficit with India, which came at $35.31 billion in 2023-24.
Similarly, the tariff rate for South Korea was fixed at 25% during Trump’s announcement but was later increased to 26% in the annex; however, the rate again reverted back to 25%.
Other countries that witnessed similar changes include Botswana, Cameroon, Malawi, Nicaragua, Norway, Pakistan, the Philippines, Serbia, South Africa, Thailand, Vanuatu, and the Falkland Islands.
