US President Donald Trump defended his decision and said he loves the word ‘tariff’ in the English dictionary, which is making the country ‘rich’.
“I love tariffs. My favourite word is tariff. We’re becoming rich as hell because of it,” Trump was quoted as saying by the media while speaking at the Marine Corps Base in Quantico.
“We have a big case in front of the Supreme Court, but I can’t imagine it because this is what other nations have done to us,” he said.
Trump further said: “We’ve taken in trillions of dollars. We’re rich again. When we finish this out, there’ll never be any wealth like what we have. Other countries were taking advantage of us for years and years.”
The US Supreme Court is scheduled to hear cases brought by businesses to challenge his use of emergency powers to impose tariffs in the first week of November.
India and Brazil are among the hardest-hit nations by Trump tariffs. Duties imposed on these two nations have now reached 50 percent since August.
US-India tariff war
The Trump administration, which was earlier viewed as India-friendly, has slapped a 25 percent tariff on the South Asian country for its high tariffs on American exports and another 25 percent for purchasing oil from Russia, which is fighting a war against Ukraine.
Since the conflict in Ukraine began in early 2022, India has significantly increased its imports of discounted Russian crude oil—now comprising over 30 percent of its total crude imports.
Indian refineries then export refined petroleum products globally, which critics, especially in the US, argue indirectly supports Russia’s war effort by funneling money into its economy.
In response, the US proposed tariffs and trade measures targeting India’s exports to discourage this behaviour.
