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Trump announced reciprocal tariffs, what is tariff and how will it increase the burden on customers; Know the complete ABCD

  
  
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  Prime Minister Narendra Modi went to America and during this he also met with US President Donald Trump. Many pictures of the meeting of the two leaders have surfaced. Just 2 hours before the meeting with PM Modi, the US has imposed tit for tat tariffs (reciprocal tariffs) on all countries including India. Reciprocal tariffs mean that whatever tariff a country imposes on American goods, America will also impose the same tariff on that country's goods. Trump signed the new tariff policy related to this on Thursday. Trump has also accused India of imposing excessive tariffs. In this article, we will know how much burden will be added on customers by imposing tariffs and how expensive will imported goods become? What is a tariff? In international trade, a tariff or customs duty means a duty imposed on the import of a good. Importers pay this duty to the government. Its burden is usually borne by the end consumer. Example: If a commodity costs Rs 100 and a 10% tariff is imposed on it, its price will become Rs 110. Tariffs are indirect taxes. They are sources of revenue for a country. Anti-dumping duty, countervailing duty and safeguard duty are also tariffs. What is the difference between reciprocal and retaliatory tariffs? There is no significant difference between reciprocal tariffs and retaliatory tariffs. They are imposed when a country imposes tariffs in response to a tariff increase by a trading partner. How important is it to impose tariffs? Countries impose tariffs to protect domestic industries from cheap imports, promote local production and reduce market competition for foreign products. What kind of impact can tariffs have? Imposing tariffs at high rates increases inflation. Input costs for domestic industry also increase. Trump calls India 'tariff king', how true is this? According to the Global Trade Research Initiative, Trump's claim is false. The US itself imposes high tariffs on many products. 188% on dairy products, 132% on fruits and vegetables, 193% on grains and food products, 164% on oilseeds and oils, 150% on tobacco, 53% on coffee, tea, cocoa and spices. The tariff imposed by India is as per the rules. According to the rules of the World Trade Organization (WTO), member countries have to submit tariff schedules. The tariffs imposed by India are as per the rules. But the US tariffs violate the rules in many cases.
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