Following Washington’s withdrawal of duty-free benefits for Indian exports under its generalised system of preferences (GSP) scheme, New Delhi has reportedly decided to impose retaliatory tariffs on 29 US high-value agricultural and industrial imports after postponing the decision eight times since it was first announced on 20 June last year.
The retaliatory tariffs, originally slated to be clamped on August 4 last year, come into effect from June 16.Following Washington's withdrawal of duty-free benefits for Indian exports under its generalised system of preferences (GSP) scheme, New Delhi has reportedly decided to impose retaliatory tariffs on 29 US high-value agricultural and industrial imports after postponing the decision eight times since it was first announced on 20 June last year.#
India’s decision comes ahead of a meeting between President Donald Trump and Prime Minister Narendra Modi on the sidelines of the G20 summit on 28-29 June in Osaka in Japan.
The US products targeted are almonds, apples, walnuts, chickpeas and some stainless steel products. India will apply a 10 per cent tariff on aluminium and a 25 per cent tariff on steel, according to Indian media reports. The list has 18 iron and steel items.
Though Indian officials maintain off the record that the duty hikes are against the tariff hikes by the United States on steel and aluminium products and not related to the US GSP withdrawal, Indian customs authorities have not officially termed the decision as a retaliatory measure.
The US Administration had, on March 23 last year, applied a 25 per cent tariff to all steel imports and a 10 per cent tariff to all aluminium imports, citing an investigation that showed national security concerns. (DS)
ALCHEMPro News Desk – India
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