Trump's Tariffs: A Tax on the Poor?

US President Trump announced tariff hikes on India, labeling it a poor trading partner. Economic expert Shamika Ravi stated these tariffs would primarily affect low-income American households. Despite Trump's executive order raising tariffs, India remains a major economy, largely sourcing military and energy from Russia.

In a significant trade policy shift, US President Donald Trump announced an increase in tariffs on Indian goods, claiming India has been an inadequate trading partner. Economic Advisory Council member Shamika Ravi highlighted the negative impact on low-income American families, who will bear the brunt of higher prices on essential goods.

During a speech on Tuesday, Trump criticized India's trade practices and announced a substantial tariff hike within 24 hours. An executive order has been signed, altering tariff rates with a notable 25 percent rise for India, as part of his strategy to address the perceived unfair trade balance.

Despite Trump's statements, India defended its economic stance, asserting its position as a fast-growing economy. The ongoing tariffs, particularly targeting India's defense and energy purchases from Russia, underline the geopolitical tensions influencing Trump's trade decisions.

(With inputs from agencies.)