US President Donald Trump decided on Monday to impose 25% mutual rates on Japan and South Korea – almost the same as that in April.He provided the rates, starting on 1 August, by placing letters on social media addressed to political heads of both countries.
This followed on Trump’s warning earlier in the day that every country in line with “Anti-American policy” of BRICS would be beaten with an extra rate of 10%.The moment he goes to the press, Trump also announced rates in five more countries with the new rate for three lower than the mutual rates of 2 April. Myanmar fell from 44% to 40%, Laos from 48% to 40% and Kazakhstan from 27% to 25%. South Africa remained 30% and Malaysia rose by 1 percentage point to 25% (comparable to Japan).Although Indian officials have not specified the expectation of a “mini-trading agreement”, despite their declared restraint about the lowering of tasks on agricultural products such as soybeans, corn and dairy products, the rate announcements of Monday could be a pointer for Trump that is 26% duty on all Indian export to us.But in view of the declaration of Minister of Trade and the Industry Piyush Goyal about the intention of the center to keep the national interest and the interests of the farmer first, there is little elbow space for negotiations in this area. This leaves products such as apples and pecans nuts on which India can lower the rates for American import, in addition to cars and whiskey. US has indicated that it is not willing to reduce the tasks below the basic line tax of 10% and also want to retain the 50% sectoral rates on iron and steel products and 25% on car parts. Exportors and companies have worked out a scheme in which 6-7% of the basic line rate is divided between them and the rest is passed on to consumers.
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