US President Donald Trump took to social media, once again, to share his thoughts. In a post on microblogging site Truth Social, he wrote that if his “tariffs ever went away, it would be disastrous for the Country”, after an appeals court described his sweeping tariffs as “unconstitutional”.
The development comes days after the US’ additional 25 per cent duty on Indian exports into the world’s largest economy took effect, taking the total tariff to 50 per cent.
Many eminent economists and financial experts have criticised Trump’s tariff policy, especially for India. American economist Richard Wolff has described the Trump 2.0 tariffs as “a mouse hitting his fist to an elephant”, according to foreign media. Read more
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All tariffs are still in effect: Trump
Justifying the tariffs, the US president said he will take the matter to the Supreme Court.
“Today a Highly Partisan Appeals Court incorrectly said that our Tariffs should be removed, but they know the United States of America will win in the end,” wrote the 47th American president.
Removal of the tariffs will “make us financially weak, and we have to be strong”, he wrote.
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‘US will no longer tolerate…’: Trump
Trump also said the US will “no longer tolerate enormous Trade Deficits and unfair Tariffs and Non Tariff Trade Barriers imposed by other Countries”.
The additional American levy on India is in relation with Trump’s criticism of India’s oil trade with Russia.
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It impacts an array of Indian merchandise, including textiles, and gems and jewellery.
Meanwhile, India has been firm in its stand against America’s criticism of its Russian oil trade, defending its energy imports and stressing the necessity of these purchases for its economic stability.
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