Trump announces reciprocal tariffs impacting trade with India and Thailand

President Donald Trump announced reciprocal tariffs, meaning the U.S. will match tariffs imposed by other countries. This move aims to align U.S. import taxes with those of its trading partners. The announcement was made before a meeting with Indian Prime Minister Narendra Modi. Analysts from major financial institutions have identified India and Thailand as particularly vulnerable to these tariffs. India currently imposes higher tariffs on U.S. imports compared to what the U.S. charges on Indian goods. Trump's action could lead to significant tax increases for American consumers and businesses. The tariffs will not take immediate effect, allowing countries time to negotiate. Trump's administration has criticized India's tariff policies, claiming they restrict U.S. imports. The situation may lead to retaliatory measures from affected countries.