White House trade adviser Peter Navarro again criticized India for its ongoing purchases of Russian oil and said he anticipates the planned 50% punitive tariffs on Indian imports will take effect next week.
“I see that taking place,” Navarro told reporters in front of the White House when asked about the tariffs on India that are set to double on Aug. 27. “India doesn’t appear to want to recognize its role in the bloodshed. It simply doesn’t. It’s cozying up to Xi Jinping, is what it’s doing.”
A Chinese official voiced support for India regarding US tariffs on its exports, highlighting growing cooperation between the two Asian neighbors.
“The United States has imposed tariffs of up to 50% on India, and it has even threatened for more. China firmly opposes this,” said China’s ambassador to India, Xu Feihong.
On Thursday, the US and the EU established a written framework for the trade deal agreed to on July 27. The terms include a 15% US tariff on most EU imports: These include autos, pharmaceutical goods, semiconductors, and lumber — but not wine and spirits.
The two sides also outlined the EU's promise to remove tariffs on US industrial goods and give better access to US seafood and agricultural products.
On Wednesday, US Treasury Secretary Scott Bessent said the US is content with its current tariff setup with China, signaling the Trump administration wants stability ahead of the November trade truce deadline.
In a Fox News interview, Bessent said the status quo is "working pretty well" and called China the biggest source of tariff revenue.
Bessent went on to add in a further interview with CNBC that he expects tariff revenues under President Trump to exceed his earlier $300 billion estimate, with the money going to pay down the federal debt rather than rebate checks for Americans.
Earlier this month, Trump unveiled "reciprocal" tariffs on dozens of US trade partners (which you can see in the graphic below).
The biggest negotiations to watch in the coming months are Canada, Mexico, and China.
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