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Congress leader TS Singh Deo on Tuesday attacked the central government over US tariffs and said that the government did not take the steps that should have been taken.
"The central government did not take the steps that should have been taken. When Trump was campaigning for the Presidential election, he was constantly saying that he will increase the tariffs in the interest of America... You had so much time. What initiative did you take? ...The ministers and leaders of the central government have completely failed in taking the steps that should have been taken in time," Deo told ANI. Questioning Prime Minister Narendra Modi's "silence" on the US imposing tariffs, Congress leader Pawan Khera said that the PM should make a statement to maintain people's confidence in the economy and stock market. "The biggest concern is the Prime Minister's silence. The US is openly mocking our country, our stock market, our economy and the Prime Minister is silent. Canada, China, Taiwan, the UK, and the European Union have all responded in their own way or are preparing to respond. Here, we do not know, the opposition does not know, the people of the country do not know what the strategy is... The Prime Minister should make a statement to maintain people's confidence in the economy and the stock market. Everyone should be taken into confidence," Khera said. Asian stock markets witnessed a major sell-off on Monday after US President Donald Trump announced a new round of tariffs. The markets opened with heavy selling pressure, reflecting growing fears over the tariffs' impact on global trade and economic growth. Additionally, starting April 9, countries with the largest trade deficits with the US will face higher, individualised tariffs. The White House in a fact sheet titled 'President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security' said, "President Trump is invoking his authority under the International Emergency Economic Powers Act of 1977 (IEEPA) to address the national emergency posed by the large and persistent trade deficit that is driven by the absence of reciprocity in our trade relationships and other harmful policies like currency manipulation and exorbitant value-added taxes (VAT) perpetuated by other countries." Tariffs will remain in effect until such a time as President Trump determines that the threat posed by the trade deficit and underlying nonreciprocal treatment is satisfied, resolved, or mitigated. Notably, Trump announced new import tariffs on April 2 (local time), outlining the rates to be imposed on countries around the world, with India facing a 26 percent tariff. The import tariffs on other major countries are China (34 per cent), European Union (20 per cent), Vietnam (46 per cent), Taiwan (32 per cent), Japan (24 per cent), India (26 per cent), United Kingdom (10 per cent), Bangladesh (37 per cent), Pakistan (29 per cent), Sri Lanka (44 per cent), Israel (17 per cent). (ANI)
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