Donald Trump Announces 26% "Discounted Reciprocal Tariff" On India

President Donald Trump on Wednesday announced huge new tariffs of 34 percent on imports from China and 20 percent on imports from the European Union -- two of the main US trade partners.

Trump said that a baseline tariff of 10 percent would be imposed on imports from a wide range of other countries, but that some would come under far harsher duties, also including 24 percent on Japan and 26 percent on India.