Business Desk
1 August
Tv10punjab
The United States has released a new list of import taxes on goods from around the world. According to the updated list, a 25% tariff will now be applied on imports from India. This rate is higher than those for neighboring countries like Pakistan and Sri Lanka.
The list, announced through an official order, outlines new trade tax rates for nearly 70 countries. The new tariffs will come into effect on 7th August. The earlier deadline to impose these taxes was 1st August.
As per the document, countries like Japan will face a 15% tariff, Laos and Myanmar 40%, Pakistan 19%, Sri Lanka 20%, and the UK 10%. Interestingly, Pakistan’s previous rate was 29%, but it has now been reduced.
The US government explained that the new tax rates are based on each country’s willingness to align with the US on trade and national security matters. It mentioned that some nations have shown a strong commitment to fair trade, while others failed to meet expectations, which influenced the varying tax rates.
These changes are expected to impact international trade relations and pricing of imported goods.