30.6 C
Saturday, August 15, 2020

India might impose retaliatory import tariffs on 29 US items

- Advertisement -

India might impose retaliatory import tariffs on 29 US itemsIndia might finally go ahead to impose retaliatory import tariffs against some US goods, sources said on Friday.

According to sources, the long overdue retaliatory move, which was first proposed last year, will consist of tariffs on 29 US items and this can come in effect from as soon as next week.

Industry estimates have pegged $290 million worth of additional burden on US items exported to India. Speculations are that the 29 items imported from the US including walnuts, lentils, boric acid and diagnostic reagents among others, will face higher duties, thereby cutting benefits to US exporters.

Last year, the US imposed duties on steel and aluminium from India and more recently, the Trump administration ended the preferential treatment given to various goods supplied from India. The withdrawal of generalized system of preferences or GSP benefits came into effect from June 5. These non-reciprocal and non-discriminatory export benefits are extended by developed countries to developing countries.

Last year, India’s trade surplus for merchandise goods with US was almost $18-19 billion.

“India might counter the US decision to withdraw GSP on its exports by imposing retaliatory tariffs. If the Indian government goes ahead with retaliatory tariffs… (the US goods) will face higher duties, cutting benefits to US exporters,” said Trade Promotion Council of India Chairman Mohit Singla.

According to Singla, a large difference between India’s actual average tariffs and its MFN (most favoured nation) trade-weighted applied average tariffs arises primarily because of the several exemptions and concessions that the country provides on its MFN tariffs.


Follow Us For Latest Updates -

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Related News


Please enter your comment!
Please enter your name here

Trending Topics

Covid 19 India Updates

Suresh Raina joins MS Dhoni, retires from international cricket

New Delhi, Aug 15 (IANS) Veteran batsman Suresh Raina joined former India captain MS Dhoni in formally announcing his retirement from all international cricket....

Trending Right Now

PM Modi hoists national flag on 74th Independence Day

New Delhi, Aug 15 (ANI): Prime Minister Narendra Modi on Saturday hoisted the national flag and is set to deliver the customary address to...