US THREATENS TO IMPOSE RECIPROCAL TAX

Washington, March 9: US President Donald Trump on Friday threatened to impose “reciprocal tax” on countries like China and India if they do not match America's tariff.

Mr Trump has, in recent days, spoken a number of times about the 50 per cent duty that India levies on high-end motorbikes that Harley-Davidson, an American company, sells in India. He has repeatedly insisted that the US levies “zero” duty or “nothing” on motorbikes imported from India.

Washington, March 9: US President Donald Trump on Friday imposed heafty tariffs on imported steel and aluminium, citing national security concerns and the need to protect US industries from “unfair” business practices, triggering fears of a trade war.

Mr Trump signed two proclamations that levied a 25 per cent tariff on steel and a 10 per cent tariff on aluminium imported from all countries except Canada and Mexico. The contentious tariffs will go into effect in 15 days.

Other countries would have to negotiate with the US if they want exemptions. Mr Trump said strong steel and aluminium industries were vital to the national security.

Mr Trump also pledged to impose “reciprocal tax” on countries like China and India if they do not match the tariff.

“We’re going to be doing a reciprocal tax programme, at some point so that if China is going to charge us 25 per cent or if India is going to charge us 75 per cent and we charge them nothing. They are 50, they are 75 or they are 25, we are going to be doing the same numbers. It’s called reciprocal. It’s a mirror of tags,” Mr Trump said.