US Announces 29 Percent Import Tariff on Pakistan

The US President announced figures of tariffs for different countries, and among that list, Pakistan was hit by a 29% tariff. US President Donald Trump again surprised many people as he announced global tariffs on almost all countries that have been doing trade with the US, and even Israel, Japan, and Australia are facing US tariff sanctions, which were announced by the US President yesterday. 

The US President gives justification for sanctioning Pakistan with a 29 percent tariff as they claim that Pakistan has sanctioned a 58 percent tariff on US goods exported to Pakistan, which impacts overall industries in the US and not just Pakistan, but other countries are also applying the same formula, which is the basic reason for applying tariffs on other countries exports. Moreover, many experts say that this will bring more inflation in the US, and it will impact on industries in the US, especially IT industries in the US, as most of the imports are from China, which has been hit by a 36 percent tariff. 

Moreover, many experts in Pakistan say that both India and Pakistan have been hit by double-digit tariffs, but Bangladesh and Sri Lanka have been hit by more than 30% tariffs, which benefits Pakistan somewhat to mitigate the impact. Moreover, India has been hit by a 26 percent tariff, which is 3 percent less than Pakistan. However, the serious hits are Bangladesh, Sri Lanka, and Vietnam, which have been sanctioned by a US 46 percent tariff.

Additionally, even strong US allies like Japan and Israel have been sanctioned by the tariff. Israel faces 17% tariff sanctions on their exports to the US, and Japan faces a whopping 24 percent sanctions on their exports to the US. However, financial experts in the US termed it clueless and destruction of the US economy because it will only bring inflation in the US, and it will raise the cost of living in the US as well.