Sun. Jun 16th, 2019

Donald Trump: India set to levy higher tariffs on some US goods next week


India has decided to impose retaliatory tariffs on 29 American goods June 16 onwards, after having deferred the higher duties multiple times after announcing them last year in June, sources said.

The proposed retaliatory tariffs worth atleast $200 million came against the Donald Trump administration’s extra 25% levy on imported steel and aluminium.

Higher duties have been proposed on US walnuts, chickpeas, lentils, boric acid and diagnostic reagents, among other goods, imposing an additional burden of $290 million on them. The increased levies, first proposed in June 2018 after the US announced higher tariffs on Indian steel and aluminium, had been deferred six times in view of the trade dialogue between the two countries.

“There will be no further extension of the retaliatory tariffs,” said an official aware of the development, adding that the commerce department and external affairs ministry are on the same page on the decision.

The move comes ahead of US Secretary of State Mike Pompeo’s visit later this month. Early this month, Washington announced the termination of preferential tariffs to $5.6 billion of Indian exports after determining that it has not assured the US that it will provide “equitable and reasonable access to its markets”.





Source link