US President Donald Trump vows to rectify calamitous trade policies; seeks to expand his power to impose reciprocal tariffs which could have implications on bilateral trade with countries like India.<\/p>\n\n\n\n
Trump, during his annual State of the Union address, told Congress that Washington’s aggressive trade negotiations with China would mean an end to its alleged “theft” of US jobs and wealth.<\/p>\n\n\n\n
“We are now making it clear to China that after years of targeting our industries, and stealing our intellectual property, the theft of American jobs and wealth has come to an end,” Trump said in his address to the joint session of the US Congress.<\/p>\n\n\n\n
“Therefore, we recently imposed tariffs on $250 billion of Chinese goods and now our treasury is receiving billions of dollars a month from a country that never gave us a dime. But I don’t blame China for taking advantage of us, I blame our leaders and representatives for allowing this travesty to happen.”<\/p>\n\n\n\n
Trump said he has great respect for Chinese President Xi Jinping and his administration was working on a new trade deal with China.<\/p>\n\n\n\n
“But it must include real, structural change to end unfair trade practices, reduce our chronic trade deficit, and protect American jobs,” Trump added.<\/p>\n\n\n\n
To build on American incredible economic success, he said one priority is paramount – reversing decades of calamitous trade policies.<\/p>\n\n\n\n
The Reciprocal Trade Act would give him authority to levy tariffs equal to those of a foreign country on a particular product if that country’s tariffs are determined to be significantly lower than those charged by the United States.<\/p>\n\n\n\n
India in February last year slashed the customs duty on imported motorcycles like Harley-Davidson to 50 per cent after Trump called it “unfair” and threatened to increase the tariff on import of Indian bikes to the US.<\/p>\n\n\n\n
During a White House event on the Reciprocal Trade Act in January this year, Trump flashed out a green colour board with examples of non-reciprocal tariffs from various countries, including from India.<\/p>\n\n\n\n
“Look at motorcycles as an example. India, it was 100 per cent. I got them down to 50 per cent, just by talking for about two minutes. It”s still 50 per cent vs 2.4 per cent . Again, other than that, it”s a very fair deal,” the president had said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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