Trump says he will impose reciprocal tariffs on US trading partners

US President Donald Trump is expected to announce reciprocal tariffs today. These measures would impose the same tariff rates on goods from countries that levy import duties on US products.

Trump had pledged such tariffs during his election campaign. The new tariffs are expected to disproportionately affect developing countries, including India, Brazil, Vietnam, and several Southeast Asian and African nations, where tariff rates on US goods are notably higher than those imposed by the US.

For instance, World Bank data from 2022 shows the US average tariff rate on imports from India was 3%, compared to India’s 9.5% average tariff rate on imports from the US.