Based on data from the World Trade Organization, India’s simple average tariff rate is 17 per cent, compared to about 3.3 per cent for the US. On a trade-weighted basis, India’s rate is about 12 per cent, vs the US rate of 2.2 per cent.
Hassett told CNBC that Trump was concerned that the Biden administration had granted waivers from tariffs on steel and aluminium that were imposed during Trump’s first term to ensure the US had sufficient steel production in the event of a war. “So steel capacity went way up, and then all of a sudden, there’s waivers for this and waivers for that. There’s hundreds and thousands of waivers,” Hassett said. “So President Trump, as he can do, is like, ‘Okay, so let’s just stop the waivers, and he’ll do so at a time of his choosing.'”
