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News Topical, Digital Desk : The tariffs that were implemented on April 2 will be re-imposed on those countries that do not show good faith regarding tariff rates or postpone the negotiations for the agreement, US Treasury Secretary Scott Besant has said.
President Donald Trump had increased this duty on import of foreign goods on many countries of the world including India. But after that, due to the fear of recession, this duty was reduced to 10 percent on April 9.
The reduced fee system will be applicable for only 90 days
Besant said, the reduced duty system will be in effect for only 90 days. During this time, the countries doing trade will have to reduce the tariff on American goods and America will also determine its tariff on that basis. Many countries including India have started talks with America for the new duty system.
America reached an agreement with China on tariff arrangement
Such talks were completed with China last week. Under the new arrangement, the US will impose a 30 percent tariff on Chinese goods while China will impose a 10 percent tariff on American goods.
Read More: If China attacks Taiwan, there will be dire consequences, America warns its Asian allies
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