Key points
- Rubio, Jaishankar discuss tariffs: State Department
- Trump has imposed 26pc tariff on India
- It is our declaration of economic independence: Trump
WASHINGTON: United States (US) Secretary of State Marco Rubio and Indian Foreign Minister Jaishankar held a call on Monday to discuss US tariffs on India.
Reuters cited the State Department as saying that they discussed “balanced trade relationship”.
In a statement posted on social media, Jaishankar said on Monday that he had spoken to Rubio about the early conclusion of a bilateral trade deal.
Trump said last week that he would impose a 10 per cent baseline tariff on all imports to the US and higher duties on dozens of other countries, including some of Washington’s biggest trading partners, rattling global markets and bewildering US allies.
Global markets
The Trump administration imposed 26 per cent tariff on India last week, as the president announced sweeping tariffs on several countries, roiling global markets.
Shortly following Trump’s proclamation, separate tariffs of 25 per cent on all foreign-made vehicles and light trucks went into effect, with auto parts also due to be hit by May 3, the US media reported.
Trump has unveiled particularly stinging tariffs on major trade partners China and the European Union (EU) on what he called “Liberation Day”, the AFP reported.
“This is one of the most important days, in my opinion, in American history,” said Trump. “It’s our declaration of economic independence.”
