US Delays 'Liberation Day' Tariffs in Hopes of Trade Resolution
The US postponed its 'Liberation Day' tariffs to August 1 to negotiate a trade deal with India. Originally set for July, the delay allows more time for discussions. The US also announced a 25% tariff on goods from Japan and South Korea, targeting trade imbalances.
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The United States has delayed imposing its 'Liberation Day' tariffs against India until August 1, seeking more time to finalize an interim trade deal with New Delhi, according to White House Press Secretary Karoline Claire Leavitt. The announcement comes as part of broader US efforts to address global trade imbalances.
Initially declared by President Donald Trump on April 2, the reciprocal tariffs were paused for 90 days to encourage negotiations with multiple trading partners, including India. Meanwhile, Trump announced a 25% tax on imports from Japan and South Korea, citing ongoing trade disparities with these key Asian allies.
India remains a significant US trading partner, with bilateral trade reaching USD 131.84 billion in 2024-25. As negotiations continue, Indian officials have conveyed their positions to the US, with the expectation that a resolution will be reached before the proposed fall deadline for the first tranche of the trade agreement.
(With inputs from agencies.)
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