Initially, it was 27%. Currently, it stands at 26%. A subtle correction has resulted from the confusion around US President Donald Trump's recently proposed reciprocal tariffs, with India at the center of it all.
Following a series of last-minute revisions to the official documents, India will now be subject to a 26% tariff rather than the 27% that was initially stated in the White House annex. The update follows the discovery of a disparity between the numbers presented in Trump's "Liberation Day" speech and those found in the official implementation documents.
14 nations, including India, were first given tariffs in the annex that were one percentage point more than what was displayed on the screen during Trump's Rose Garden presentation, according to Bloomberg. Since then, the White House has updated the annex to match the figures that were made public.
In an odd game of tariff ping-pong, India, which had been anticipating a 27% hit, now joins a number of other nations. The percentage in South Korea fluctuated between 25 and 26 percent before leveling off at 25 percent. Similar changes were made in other places, including South Africa, Thailand, the Philippines, Norway, and Pakistan.
New Delhi is not raising the alarm, despite the misunderstanding. Instead of seeing the action as a "setback," Indian officials are describing it as a "mixed bag." They are also continuing negotiations with the US on a more comprehensive trade agreement that is anticipated later this year.
Beginning on April 5, all trading partners will be subject to a 10% base tariff under the new regime. Four days later, rates in a few nations, including India, will increase to the recently verified levels.
Some foreign territories that were emphasized during Trump's speech, such Reunion Island, Saint Pierre and Miquelon, and Norfolk Island, inexplicably disappeared from the final text, adding to the drama. During the presentation, Reunion even displayed a 37% tariff; however, it was removed from the official list.
