Ahead of his meeting with Prime Minister Narendra Modi, US President Donald Trump wrote on his Truth Social platform that he plans to introduce reciprocal tariffs today, He, however, did not reveal the details of his latest tariff plan or who it is directed against.
Since the start of his second presidency on January 20, Trump has levied tariffs on several countries, including China, threatening a global trade war and upending financial markets in several countries, including India.Apart from stoking trade war fears, Donald Trump’s tariffs have threatened to accelerate inflation in the United States.
Trump has announced tariffs on all steel and aluminum imports beginning March 12, imposed 10% tariffs on goods from China, and imposed a 30-day hold on tariffs on goods from neighbouring Canada and Mexico.He will also address a joint press conference with Trump.
PM Modi will also hold a one-on-one meeting with tech billionaire Elon Musk, who runs Trump’s efficiency department which aims to save federal spending on running the government by streamlining bureaucracy.
PM Modi enjoys a good rapport with Trump whom he calls a “friend”. Weeks before the trip, PM Modi’s government offered tariff concessions, slashing duties on high-end motorcycles. India also accepted a US military flight carrying 100 illegal migrants last week as part of Trump’s immigration overhaul.