Washington DC [US], August 7 (ANI): As the clock struck midnight in the United States, President Donald Trump announced that billions of dollars in tariffs were now flowing into the country as new trade levies took effect on various nations.
In a post on Truth Social, Trump declared, “IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!”
The Trump administration praised the higher tariffs, emphasizing that they have already generated over USD 100 billion in tax revenue. Contrary to some economists’ concerns, the administration asserted that the tariffs had not triggered catastrophic inflation or a recession, according to CNN.
As part of what Trump has called a “reciprocal tariff,” the administration imposed a 25 percent tariff on Indian imports. However, Indian goods could face an additional 25 percent tariff due to an executive order signed by Trump on Wednesday. This second round of tariffs, intended as a penalty for India’s continued purchase of Russian oil, is scheduled to take effect on August 27.
Earlier in the day, White House Trade Adviser Peter Navarro explained that while the United States already imposes 50 percent tariffs on Chinese goods—similar to those now targeting India—the rationale for each differs significantly, C-SPAN reported.
Speaking to reporters, Navarro said the US is being cautious about not damaging its own economy while implementing tariffs on China. “As the boss says, let’s see what happens. Keep in mind that we have over 50 percent tariffs on China already. We have over 50 percent tariffs on China, so we don’t want to get to a point where we actually hurt ourselves,” Navarro stated.
Regarding India, Navarro said the elevated tariffs were prompted by national security concerns tied to New Delhi’s continued energy dealings with Moscow. “Let’s talk first about the India tariffs, which went up to 50 percent today. It’s important to understand that the rationale for the Indian tariffs are very different from the reciprocal tariffs. This was a pure national security issue associated with India’s abject refusal to stop buying Russian oil,” Navarro added. (ANI)
About The Author
