Source: CNN
Another day, another tariff. This time, United States President Donald Trump placed a 50% tariff against Indian imports. This is in response to India purchasing oil from Russia.
Previously, there was a 25% import tax on all Indian goods imported into the United States.
Kirti Vardhan Singh, told reporters Wednesday the government is “taking appropriate steps so that it does not harm our economy and let me assure you that the strength of our economy will carry us through these times.”
“Our concern is our energy security, and we will continue to purchase energy sources from whichever country benefits us,” he said.
The squeeze against former trading partners is getting tighter each month that rolls by.
No longer is free trade an option anymore.
Now, there appears to be baseline tariffs placed to equalize the appearance of trading injustices.
Some of the reasons, quite frankly, are laughable. To think Canada is to blame for the United States fentanyl import problem would be a bold faced lie.
We could spend years pointing fingers at other countries, blaming their lax police or export controls.
It doesn't matter.
The true cost of imports is starting to appear on the shelves. Orange juice from the United States can cost $14 for 2 liters now.
No one in their right mind will buy it at that cost.
And to be honest, I stopped drinking it years ago.
But it goes further.
The Trump administration has threatened to bring up more tariffs on countries continuing to trade oil with Russia. They just haven't announced it yet.
And now the world sits, watching, nervously, about any more upcoming tariffs.
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