India fires back at U.S. tariffs, saying it will no longer purchase weapons | YouTube Summarizer

Summary

Trade and Tariffs

The US has implemented a 50% tariff on imports from India.
India has responded by halting purchases of American-made weapons.
Canada is seeking new trading partners and focusing on domestic economic growth.

US Economic Impact

The White House claims tariffs are generating significant revenue and encouraging domestic business.
Concerns are growing that tariffs may weaken the US economy, particularly affecting farmers.
The White House is considering aid payments to support farmers impacted by tariffs.

International Relations

President Trump remains firm on tariffs despite international pushback.
Trade negotiations with affected countries are ongoing.

Transcript

00:00

Following a newly reached tariff deal with the EU last week, the US now has a new problem in Asia. India has announced they will not be buying Americanmade weapons following a 50% tax on their goods.

Jared Halpern has more on India's

00:16

response. >> Do you expect increased trade negotiations, you know, uh, since you've announced the 50% tariff?

>> No, not until we get it resolved. >> President Trump is holding his ground as the tariff war escalates on Thursday.

Those new rates went into effect and some countries are pushing back,

00:33

including India, which now faces a 50% tariff on imports sent to the US. On Friday, the Indian government responded by halting all purchases of American weapons.

And to the north, Canada's prime minister says he's focusing on finding new trading partners and

00:50

building the domestic economy. We're having discussions with the Americans.

Uh but Canadians want us to focus here at home, build out homes. >> But the White House says the tariffs are working, claiming they are bringing in billions of dollars in revenue every

01:06

month and also giving companies an incentive to do business in the US, not overseas. >> Donald Trump is grabbing it and bringing in all that investment into America.

If you build in America, you're not going to pay a tariff. Still, there are growing signs the tariffs could be

01:21

weakening the economy, and they're starting to have a big impact on America's farmers who are facing higher prices for fertilizer and machinery in limited options for exporting their goods. >> We're seeing those trade negotiations come in.

We're optimistic about that.

01:38

It's just going to take a little bit of time, and I think our farmers understand that. The White House is considering what it calls a quote market fluctuation plan centered on aid payments to farmers hurt by the tariffs.

At the White House, Jared Halpern, Fox 9.