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Trump said a minimum baseline tariff of 10 per cent will be established. China's rates would be set at 34 per cent, while the European Union (EU) and Japan would face 20 per cent and 24 per cent respectively. India would be charged an import duty of 26 per cent.
The Indian Commerce Ministry is analysing the impact of the announced tariffs, an official from the ministry said. "It is a mixed bag and not a setback for India," the official was quoted as saying by a domestic news agency. Provisions do exist for the US administration to consider duty reductions for countries that address US concerns, he noted.
Terming the US decision as a ‘typical unilateral bullying practice’ and urging Washington to cancel the unilateral tariff measures, China’s Commerce Ministry said it would take ‘resolute counter-measures’.
"Trade war is in nobody's interests," said British Prime Minister Keir Starmer. "We have prepared for all eventualities—and we will rule nothing out," he told Parliament.
Germany cautioned that trade wars hurt both sides.
Spain would "protect its companies and workers and will continue to be committed to an open world," the country’s Prime Minister Pedro Sanchez said.
"We don't want a trade war ... We want to find our way back to a path of trade and cooperation together with the US, so that people in our countries can enjoy a better life," Swedish Prime Minister Ulf Kristersson was quoted as saying by global newswires.
Ireland and the EU are ready to find a negotiated solution with the United States, Irish Trade Minister Simon Harris said. "Negotiation and dialogue are always the best way forward," he noted.
Italian Prime Minister Giorgia Meloni vowed to work with Trump to find an agreement to avoid the "trade war that would inevitably weaken the West."
The EU will react to new Trump tariffs before this month ends, a French government spokeswoman said. The bloc's is expected to initially counter US tariffs on steel and aluminum, followed by sector-specific measures.
Brazil, meanwhile, approved a law yesterday to counter the 10-per cent US tariff. President Luiz Inacio Lula da Silva had said recently that his country ‘cannot stand still’ in the face of US tariffs.
On Trump's announcement of tougher barriers for beef from Australia, Prime Minister Anthony Albanese said the American people will pay the bigger price for the unjustified move.
"This is why our government will not be seeking to impose reciprocal tariffs. We will not join a race to the bottom that leads to higher prices and slower growth," he said.
Canadian Prime Minister Mark Carney vowed to fight against Trump's tariffs, which he said will "fundamentally change the global trading system." The impact of Trump's new tariff announcement for Canada was relatively limited.
Fibre2Fashion News Desk (DS)