Not Even 0.3% Of US Imports To India And China Faced Over 50% Duties: Report
In the case of India, just 43 of the 3,724 categories imported from the US in 2023 were subject to tariffs of over 50 per cent
Not even 0.3 per cent of US products entering Indian and Chinese territory in 2023 faced over 50 per cent tariffs, according to a Moneycontrol analysis of UNCTAD’s trade data.
In the case of India, just 43 of the 3,724 categories imported from the US in 2023 were subject to tariffs of over 50 per cent, amounting to just $114 million of $40 billion worth of imports from Washington.
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On the other hand, just 2 of the over 4,000 products entering China from the US faced 67 per cent duty. The total value of high tariff trade was just $298 million or 0.2 per cent.
European Union also imposed high duties of over 39 per cent on just 0.1 per cent of US imports.
Japan, on the other hand, imposed 46 per cent or more tariff on just 1.7 per cent of US exports entering its territory.
US President Donald Trump on Wednesday imposed 10 per cent baseline tariffs on all goods entering the US territory and unveiled differential tariff rates for countries.
India, which Trump called out with respect to automobile duties–motorcycles and cars–is expected to face 26 per cent tariffs from the US, as President Donald Trump highlighted his discounted reciprocal tariff plan.
“The United States imposes a 2.5 per cent tariff on passenger vehicle imports (with internal combustion engines), while the European Union (10 per cent), India (70 per cent), and China (15 percent) impose much higher duties on the same product," the US President noted.
The US will charge half of what it believes the country levies on the US products, including trade distorting measures like non-tariff barriers and currency manipulation, the President noted as he unveiled his reciprocal tariff plan.
“For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense," the US president noted.
The plan is expected to put more of global trade in jeopardy, as countries are likely to retaliate to US’ tariff plan, which levies a cost even on those nations that run a deficit with the United States.
An earlier analysis by Moneycontrol had found that half as many nations run a deficit with the US as those that run a surplus.
The US president also unveiled 25 per cent tariffs on foreign made automobiles.
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