|
Samir Arora, Founder of Helios Capital Management, said that a 15 per cent tariff "is nothing wrong as far as India is concerned," arguing that the revised rate largely normalises trade conditions rather than worsening them.
"Nothing wrong with 15% as far as India is concerned. India would have been happy to have a signed deal at 18% and for now it is 15%," he said in a social media post on X. "There were more than 90 countries which had a 10% tariff and I guess they will all be at 15% for now. Some of them are Australia, UK, Singapore, UAE who had 10% tariff before and will now be at 15%," he added. Commenting on other major economies, Arora said Europe, Japan and South Korea are "back to where they were." On India's position, he said the country "would have been happy to have a signed deal at 18 per cent," suggesting that 15 per cent is comparatively favourable. Arora also observed that even if tariffs eventually revert to 18 per cent for India under other provisions, "It is the same as it would have been without this recent drama." "Beyond 5 months, how this will be extended is not obvious anyway and will need congressional approval," he said. In a major blow to Trump's signature trade policy, the US Supreme Court on Friday ruled against most of his sweeping tariff measures. Trump later signed an order making 10 per cent global tariff on all countries, effective "almost immediately". Afterwards, Trump on Saturday said that he is raising the 10% worldwide tariff on countries announced yesterday "to the fully allowed, and legally tested, 15% level." In a post on his social media handle Truth Social, Trump also said that during "the next short number of months", his Administration will determine and issue the new and legally permissible Tariffs, which will continue "the extraordinarily successful process of Making America Great Again". "Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday, after MANY months of contemplation, by the United States Supreme Court, please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been 'ripping' the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level," Trump said. (ANI)
|
