Is it 26% or 27%? Donald Trump's 'Liberation Day' reciprocal rate on India Sparks confusion | Today news

When US President Donald Trump unveiled a map with revised rates for the liberation day for its most important trading partners, including India, China and the European Union, on Wednesday, it caused confusion among the countries. According to the Annex document, the rate of India was mentioned at 27 percent, rather than the 26 percent shown earlier. The reciprocal tariff rates differed for at least 14 countries from those on the maps hosted by Donald Trump, a report by Bloomberg states, citing an attachment from the White House. More than a dozen countries will have slightly higher rates than they expected earlier, according to the Bloomberg report. Trump stopped a graph of the diverse measures in the White House Rose Garden and called it “our statement of economic independence”. “Our country has been looted, pillowed, raped and looted by nations near and far, both friend and enemy,” Trump said. Trump’s reciprocal rates according to the Annex document, while India’s tariff rate by one percent difference, was South Korea 26 percent instead of 25 percent. Other countries whose rates differ include Botswana, Cameroon, Malawi, Nicaragua, Norway, Pakistan, the Philippines, Serbia, South Africa, Thailand, Vanuatu and the Falkland Islands. Under the executive order issued by the Trump administration, tariffs for all US trading partners from April 5 begin at 10 percent, and four days later, rates would rise to the levels as mentioned in the Annex document. The tariff rates for overseas areas of some countries also differed from their parental countries. Saint Pierre and Miquelon, a French archipelago near Canada and the Australian area, Norfolk Island were kept off the rates. Similarly, the French overseas area reunion, an island in the Indian Ocean between Mauritius and Madagascar, was levied at 37 percent in the reciprocal tariff cards, but was not included in the formal Schedule. Required threats US trading partners on Thursday promised to hit President Trump’s global rates to the onslaught, but left the door open for negotiations. He saved almost no nation on his ‘liberation day’, and beat friends and enemies and reserved some of the most stringent rates for major trading partners, including the European Union and China. China promised ‘countermeasures’, while France and Germany warned that the EU could impose a tax on the US technical firms working in Europe. EU head Ursula von der Leyen promised that Europe was “willing to respond” to the tariffs and call them a “big blow to the global economy”. Catch all the business news, the news reports and the latest news updates on Live Mint. Download the Mint News app to get daily market updates. Business NewsNEWSES is 26% or 27%? Donald Trump’s ‘Liberation Day’ reciprocal tariff on India Sparks confuses more less