During a recent announcement, Donald Trump, the former US President, claimed his administration had finalized “historic trade deals” with various nations, resulting in substantial revenue for the United States. He specifically mentioned deals with the UK, China, Indonesia, Vietnam, the Philippines, Japan, South Korea, and the European Union, emphasizing that foreign countries were contributing hundreds of billions of dollars to the US treasury. According to Trump, these deals generated trillions of dollars.
In a related development, the US Customs and Border Protection (CBP) released a draft notice proposing additional duties on imports from India. This action was a direct result of Trump’s Executive Order 14329. The draft notice detailed a rise in tariffs on Indian goods to 50 percent, scheduled to take effect on August 27. This followed Trump’s earlier declaration on July 30 that Indian goods would be subject to a 25 percent tariff, which was based on his concerns about India’s trade practices and relationship with Russia.
Prime Minister Narendra Modi responded to the increased tariffs, indicating India’s commitment to strengthening its economy to withstand the pressure.