While addressing a joint session of the US Parliament, President Donald Trump announced that the United States will impose a reciprocal tariff on several countries, including India. He stated that Canada, Mexico, India, and South Korea impose high tariffs on American goods, and in response, the US will implement similar tariffs on these countries starting April 2. In international trade, a tariff is a tax or duty imposed on goods coming from other countries. The term “reciprocal” means “we will do the same as you do.” Trump explained that if a country imposes high tariffs on American goods, the US will respond by imposing the same level of tariff on that country. For example, if Country A imposes a 25% tax on cars from Country B, then Country B will also impose a 25% tax on cars from Country A. This ensures both countries apply equal tariffs. Governments collect revenue through tariffs. Another key reason for imposing tariffs is to promote domestic production, as locally produced...