US President Donald Trump made an announcement of imposing new tariffs on imports while notably excluding India

Exclusion of India as Trump Slaps New Tariffs on China, Mexico, Canada latest news : US President Donald Trump made an announcement of imposing new tariffs on imports from Mexico, Canada, and China while notably excluding India from the mix. This announcement came into immediate effect and applies a 25% tariff to goods imported from Mexico and Canada and a 10% tariff to Chinese imports. This decision is part of Trump's overall strategy to solve the US trade deficit and save American industries.

Speaking at a press briefing, President Trump give reason for his tariffs make refrence to huge trade deficits with these countries for the US. "We have huge deficits with all three of them. And in one case, they're sending huge quantities of fentanyl, killing hundreds of thousands of people a year with fentanyl. And in the other two cases, they're allowing this poison to come in. We have about a $200 billion deficit with Canada and a $250 billion trade deficit with Mexico," Trump said.

India is only a modest contributor to the US balance of trade at 3.2 percent, so it was exempted from this round of tariffs. This should be seen more as a strategic exclusion given India's relatively smaller impact on US balance of trade in comparison to targeted countries.

The new tariffs are expected to have severe implications for the global trade environment. Economists fear that such measures may lead to higher prices for American consumers, as businesses may pass on the increased costs of imported goods. Moreover, there is a alarming risk of ruthless tariffs from the affected countries, which may further make greater trade tensions and destabilize the global economy.

China, Mexico, and Canada have expressed their strong disapproval of the tariffs and are weighing their reactions. The Chinese government has pledged to take "necessary countermeasures" to safeguard its interests and will also challenge the tariffs at the World Trade Organization. Meanwhile, Canadian Prime Minister Justin Trudeau has called for a 'Swadeshi' movement, urging Canadians to buy locally-made goods in response to the tariffs.

As the situation continues to unfold, businesses and consumers are closely watching the market impact of these tariffs and the larger economy. The exclusion of India from this round of tariffs has been welcomed by Indian officials who hope that this will lead to strengthened trade relations between the two countries.

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