US President Donald Trump on Thursday signed an executive order that imposed reciprocal tariffs ranging from 10 per cent to 41 per cent on 70 nations, including India.

Trump said the new tariffs are being imposed to make his nation 'rich' and 'great' again.

He wrote on Truth Social: "Tariffs are making America GREAT & RICH Again."

He said: "They were successfully used against the USA for decades and, coupled with really dumb, pathetic, and crooked politicians, we’re having a devastating impact on the future, and even the survival, of our country."

He said: "Now the tide has completely turned, and America has successfully countered this onslaught of Tariffs used against it. ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE “HOTTEST”COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!"

He also signed an executive order to increase tariff on Canada from25% to 35%.

In a statement, the White House said: "Canada has failed to cooperate in curbing the ongoing flood of fentanyl and other illicit drugs, and it has retaliated against the United States for the President’s actions to address this unusual and extraordinary threat to the United States."

"In response to Canada’s continued inaction and retaliation, President Trump has found it necessary to increase the tariff on Canada from 25% to 35% to effectively address the existing emergency," he said.

The White House statement showed the US has imposed 25 percent tariffs on India.

The Trump-administration, however, showed a softer stand towards Pakistan and reduced tariff rate from 29 to 19 percent.

The US also reduced Bangladesh's tariff rates from  35 percent to 20 percent.

The White House said this rate shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 7 days after the date of this order.