Washington7 minutes ago
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A trade court in the US has banned the tariff imposed by President Donald Trump with immediate effect. The court said on Wednesday (29 May), that President Donald Trump went out of his rights and was charging a large scale tariff on the US trade partners. The government will have to respond to this within 10 days.
The Court of International Trade said that the US Constitution gives the Parliament (Congress) a privilege to regulate only business with other countries. This does not mean that by citing President Economy, do anything with his emergency power.
A panel of three judges hearing the case said, “The President is using a pressure from Tariff, we do not decide on their understanding and effectiveness of tariffs. This experiment of the President is wrong because it is imprisoned or ineffective, but because it is against Federal Law.
On April 3, Trump imposed tariffs on many countries around the world
US President Donald Trump announced to put 26%on India late on 3rd night, 34%on China, 20%on European union, 25%on South Korea, 24%on Japan, 46%on Vietnam and 32%on Taiwan and 32%tariff (reciperook ie tit tariff). The US had decided to put half a tariff on about 60 countries compared to their tariffs.
Trump said about tariff on India,
India imposes up to 52% tariffs on the US, so America will impose 26% tariffs on India. We will take about half of the tariffs from us as many tariffs are charged from us. Therefore the tariffs will not be completely reciperook. I could have done this, but it would be difficult for many countries. We did not want to do this.
What is a tariff?
Tariff is a tax imposed on goods coming from another country. Companies that bring foreign goods to the country pay this tax to the government. Understand this with an example …
- Tesla’s cyber truck is sold in the US market for about 90 lakh rupees.
- If the tariff is 100%, then it will cost around 2 crores in India.
What is the meaning of reciperook tariff?
Reciperookl means to equalize both the scales of the scales. That is, there is 1 kg of weight on one side, and on the other side also keep one kilo of weight and make it equal.
Trump is talking about increasing it. That is, if India imposes 100% tariff on some selected items, then America will also impose 100% tariff on that kind of products.