Trump signs order to impose reciprocal tariffs on countries with higher rates

President Donald Trump signed a memorandum to impose reciprocal tariffs on countries with higher tariffs and non-tariff barriers against U.S. imports. This new policy aims to create fairness in trade relationships. India is expected to be significantly impacted due to its higher average tariff rates compared to the U.S. The average tariff in India is around 17%, while the U.S. rate is about 3.3%. The U.S. administration plans to study trade practices of various countries, starting with those with which it has large trade deficits. Discussions between Trump and Indian Prime Minister Narendra Modi are anticipated to address these tariff disparities.