Trump Announces New Reciprocal Tariffs Coming into Effect April 9
This article outlines President Trump’s announcement of new reciprocal tariffs to begin on April 9, citing exemptions for gold and significant tariffs on imports from countries like India and Japan. It reports on market reactions, impending statements from Canadian and European officials, and concerns regarding agriculture and trade relationships as the tariffs might affect US stock values and approval ratings for Trump.
On April 9, President Donald Trump will implement sweeping reciprocal tariffs following his executive orders. Notably, gold is exempt from these new tariffs, as reported by Reuters. In response to the situation, Canadian Prime Minister Mark Carney and European Commission President Ursula von der Leyen are expected to make statements concerning the tariffs soon.
The new reciprocal tariffs will take effect at 12:01 AM on April 9, according to a senior official at the White House. Following the announcement, the US stock market saw a rise, indicating investor optimism despite potential challenges. Trump also declared intentions to impose tariffs on various trading partners, raising concerns about a potential trade war.
Trump’s announcement includes a significant 26 percent tariff on imports from India and a 24 percent tariff on Japanese goods. Additionally, he stated a 25 percent tariff on automobiles, reinforcing his administration’s focus on bringing jobs and factories back to the United States.
Moreover, crude oil prices experienced fluctuations, even tumbling into negative territory amidst the tariff announcements. The overall reaction in the agricultural sector is mixed, with concerns rising among grain traders regarding the potential impact of new tariffs on US farm exports.
Despite the new tariff plans, a Reuters/Ipsos poll indicated a drop in Trump’s approval rating to 43 percent, marking the lowest since his return to office. Investors also reacted to a choppy trading day prior to the announcements, reflecting uncertainty about the economic implications of the tariffs.
In conclusion, President Trump’s newly announced tariffs, set to take effect on April 9, comprise significant levies on imports from several nations, notably a 26 percent tariff on India and a 25 percent tariff on automobiles. While these measures aim to bolster domestic employment and manufacturing, they have also sparked concerns about potential repercussions for US trade relations and the agricultural sector. Furthermore, a decline in Trump’s approval ratings suggests mixed sentiments regarding his administration’s economic policies.
Original Source: www.indiatoday.in
Post Comment