US President Donald Trump on Wednesday announced far-reaching new tariffs on nearly all US trading partners — a 34 per cent tax on imports from China, 26 per cent on India and 20 per cent on the European Union, among others — that threaten to dismantle much of the architecture of the global economy and trigger broader trade wars.

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Trump, in a Rose Garden announcement, said he was placing elevated tariff rates on dozens of nations that run meaningful trade surpluses with the United States, while imposing a 10 per cent baseline tax on imports from all countries in response to what he called an economic emergency.

The president, who said the tariffs were designed to boost domestic manufacturing, used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II, saying “our country has been looted, pillaged, raped and plundered” by other nations.

The US President also called it “one of the most important days... in American history.” He added that the move was the United States’ “Declaration of Economic Independence.” Raising the slogan “Make America Wealthy Again,” Trump claimed that for years, hard-working American citizens were forced to sit on the sidelines, but now it's their time to prosper.

The action amounts to a historic tax hike that could push the global order to a breaking point. It kickstarts what could be a painful transition for many Americans as middle-class essentials such as housing, autos and clothing are expected to become more costly, while disrupting the alliances built to ensure peace and economic stability.

Trump said he was acting to bring in hundreds of billions in new revenue to the US government and restore fairness to global trade. “Taxpayers have been ripped off for more than 50 years,” he said. “But it is not going to happen anymore.” Trump declared a national economic emergency to levy the tariffs. He has promised that factory jobs will return to the United States as a result of the taxes, but his policies risk a sudden economic slowdown as consumers and businesses could face sharp price hikes.

Trump was fulfilling a key campaign promise as he imposed what he called “reciprocal” tariffs on trade partners, acting without Congress under the 1977 International Emergency Powers Act. But his action Wednesday could jeopardise Trump's voter mandate in last year's election to combat inflation.

(Inputs From AP)

Senior Congress leader Prithviraj Chavan has said the Donald Trump government's potential reciprocal tariffs would adversely impact the farmers in India, and urged the Centre to take a strong stand on the issue.

Lack of planning by the Indian government would amplify farmers' difficulties, he said.

US President Trump has repeatedly criticised the "high tariffs" charged by India and other countries on American goods. His government plans to roll out a set of reciprocal tariffs on April 2."If USA starts the trade war from April 2, it will have adverse effects on the Indian farmers. So, it is important that India takes a strong stand on this issue of tariffs as it seems the government has not done any planning to that effect. Our trade minister is reaching out to the US, but the agriculture minister should also accompany him," Chavan told reporters at Karad in Satara district on Monday.

The former Maharashtra chief minister expressed concern over the government's approach to the tariff negotiations.

"Our Congress MPs said in Parliament that if we do not take a strong stand (over the tariff issue) before April 2, it will have severe consequences on the farm sector in India," he said. "Our trade minister is going to the USA to seek alms. My demand is that the agriculture minister should also accompany. At least, the agriculture minister will try to protect the interests of Indian farmers. But there is another thing - if our government has already decided to crawl before the US, then the commerce and agriculture ministers would not be able to do anything," Chavan added.

Lack of planning by the central government regarding the potential US tariffs would amplify farmers' difficulties, the Congress leader said, noting that the absence of farm loan waivers would further exacerbate the situation for agricultural communities in Maharashtra.

"It is clear that tomorrow, if US plans to impose reciprocal tariffs on imports, it will have severe consequences on Indian farming and since the government has not done any planning to that effect, it will impact the farmers in Maharashtra as well and that is why farm loan waiver was important bit it did not happen," he said. Speaking on the position taken by state Deputy Chief Minister Ajit Pawar over the farm loan waiver, he said that the farmers should now be awakened and should expose this anti farmers government.

Pawar, speaking at an event in Baramati in Pune on Friday, said the current financial situation of the state does not allow for a crop loan waiver and asked farmers to pay instalments in time rather than wait for an announcement in this regard. He said "one can feign many things but not financial reality".

"The chief minister (Devendra Fadnavis) has already defended (what Ajit Pawar said) and said that (farm loan waiver) cannot be given. This decision has not been taken alone by Ajit Pawar as finance minister. It was taken in the cabinet meeting," Chavan said.

"They have taken the decision after deliberating on the positive-negative aspects of farm loan waiver," he added.

He said it seemed they were not in need of votes and not bothered about the votes after the assembly polls.

Chavan also accused the BJP of creating communal tensions.

"The government should decide in which direction the country should go as people have voted for them," he said.

He added that there is a deliberate attempt to create communal tensions.

"There is farce going on that one will say something and the other will react. For all this, the chief minister himself is responsible. Everything is going on as per his blessings," Chavan criticised.

Think India is safe from US tariffs? Not anymore! Trump's latest tariff move could hit India hard—costing billions!

How? Let me explain.

US President Donald Trump has signed an order slapping steep tariffs on buyers of Venezuelan oil and gas. And this could take effect as early as toady.

Why is Trump doing this?
The White House is blaming Venezuela for fueling migration to the US. Plus, Trump has been a long-time critic of Venezuela's government led by its leftist President Nicolás Maduro.

According to the White House, this move is all about cutting off revenue to Maduro’s regime, which the US has also accused of corruption and human rights violations.

But there’s more to it. This move also ramps up pressure on countries like India and China—who have kept buying Venezuelan oil despite past US sanctions. And with India being one of the biggest buyers, this tariff could have some serious consequences for us. In fact, we were the largest buyer of Venezuelan oil in December 2023 and January 2024 period.

Just to give you an idea:
-In December 2023, we imported 191,600 barrels per day.
-By January 2024, that number shot up to over 254,000 barrels per day—that’s almost half of Venezuela’s total exports!For 2024, India’s

Venezuelan crude imports totalled 22 million barrels, representing around 1.5 per cent of the country’s overall crude oil purchases. Now, here’s the problem: With the 25% Trump tariff, Venezuelan oil suddenly becomes a lot more expensive. That leaves India with two choices—pay the extra cost or cut imports and look for alternatives.

Either way, this decision won’t come cheap. If India reduces purchases, it may have to buy from more expensive markets, affecting energy costs.

Also, it’s not just about oil imports—big companies could take a hit too. Take Reliance Industries, for example. They restarted Venezuelan oil imports in 2023 after getting a US sanctions waiver. But now? This tariff could disrupt their supply chain and raise costs. Other Indian refiners—especially those looking for cheaper crude—might also feel the heat.

And let’s not forget the bigger picture:
-Higher crude costs could lead to higher fuel prices here in India.
-Industries that rely on low-cost energy—like transport, aviation, and manufacturing—could see their expenses shoot up.

Bottom line? This tariff isn’t just about oil—it could have a ripple effect across the Indian economy. With the deadline just days away, all eyes are on how India will respond—whether through diplomacy, alternative supply chains, or a strategic workaround.