Trade war intensifying; China imposes 34% retaliatory tariffs on US; crude oil price crash, drop in gold price too

China has decided to impose an additional 34 percent tariff on American products in response to Donald Trump's trade war. It will be effective from April 10. Trump had imposed a 34 percent tariff on Chinese products the other day. The total tariff imposed by the United States on Chinese products has increased to 54 percent, which has angered the Chinese government. China sends products worth 34.8 lakh crore rupees to the United States annually. Meanwhile, the United States sends products worth 12.53 lakh crore rupees to China. This trade deficit is the reason for Trump's action.

Canada has also announced additional tariffs against the United States. Even allies including the UK and the European Union are preparing to impose retaliatory tariffs on American products.

US and European stocks collapse

Stock markets in the United States, Europe and Japan plunged today following the trade war started by Trump. The price of gold in the international market fell by more than 1 percent to 3,090 dollars per ounce. Crude oil prices fell by 6 percent to $65. The dollar also weakened against major currencies.

India's reciprocal tariff is 26%

The White House today clarified that the reciprocal tariff announced by Trump on products coming to the United States from India is 26 percent. Although Trump announced a 26 percent tariff in his press conference, the additional list listed it as 27 percent, which caused confusion. The central government had also announced that the tariff was 27 percent. However, the United States clarified that it was 26 percent in the final list released today.