Trump slaps heavy tariffs on 14 nations, India gets temporary relief until August 1

In a dramatic shift in trade policy, U S President Donald Trump has announced a new wave of tariffs on imports from 14 countries, sparking global economic concerns. Interestingly, India has been spared, for now with the U S extending its trade agreement deadline with India to August 1. However, U S officials have hinted that tariff decisions on India may soon follow.

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The announcement, made during a campaign event in Florida, outlines steep import duties ranging from 25% to 40% on goods from countries across Asia, Africa, and Europe. Trump justified the move as a measure to protect American jobs and manufacturing, alleging "unfair trade practices" and currency manipulation by the targeted nations.

List of countries and tariffs imposed:

• Bangladesh – 35%
• Bosnia & Herzegovina – 30%
• Cambodia – 36%
• Indonesia – 32%
• Japan – 25%
• Kazakhstan – 25%
• Laos – 40%
• Malaysia – 25%
• Myanmar – 40%
• Serbia – 35%
• Tunisia – 25%
• South Africa – 30%
• South Korea – 25%
• Thailand – 36%

These tariffs are expected to hit a wide range of sectors, including textiles, electronics, automobile parts, and steel. Countries like Myanmar and Laos, facing the highest 40% duty, are likely to experience major shocks to their export economies.

What stands out is the temporary exclusion of India, with whom trade negotiations have been ongoing. The current bilateral agreement, set to expire this month, has been extended till August 1, offering India a short window to renegotiate terms and avoid potentially harsh duties.

Trump’s move is seen as both an election-year tactic and a protectionist stance aimed at appealing to domestic manufacturing and working-class voters. However, global trade experts warn that such blanket tariffs could escalate trade tensions and trigger retaliatory measures, hurting international supply chains.

For India, the next few weeks are critical. If talks fail, it may find itself on the next list of tariff-imposed nations.