- US President Trump announced heavy tariffs on several countries, including India
- Tariffs took effect at midnight, aiming to bring billions into the US economy
- Trump claimed tariffs target countries that have long taken advantage of the US
Minutes before his administration's heavy tariffs on several countries, including India, kicked in, US President Donald Trump today said the move will lead to billions of dollars flowing into the country from those who "have taken advantage of the United States for many years".
"Reciprocal tariffs take effect at midnight tonight! Billions of dollars, largely from countries that have taken advantage of the United States for many years, laughing all the way, will start flowing into the USA," he said in a post on his social media platform, Truth Social.
"The only thing that can stop America's Greatness would be a radical left court that wants to see our country fail," he added.
This comes after Trump yesterday announced an extra 25 per cent tariff on Indian exports as a 'penalty' for New Delhi continuing to import Russian crude oil.
After the total tariffs on Indian exports to the US rose to 50 per cent, the Ministry of External Affairs responded that the US targeting India over Russian oil imports is "unfair, unjustified, and unreasonable".
"We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the objective of ensuring the energy security of 1.4 billion people..."
"It is therefore extremely unfortunate the US should choose to impose additional tariffs on India... for actions that several other countries are also taking in their own national interest," the government said.
Amid concerns over how the markets would respond to the fresh tariffs, the rupee opened stronger against the US dollar in early trade, rising 3 paise to 87.69 against the dollar.
