in ,

India’s Retaliatory Tariffs on 28 US Products Finally Comes into Effect

India has raised tariffs on 28 items exported from the US with effect from Sunday in retaliation to America’s withdrawal of preferential access for Indian products from 5 June.

The final notification of tariffs issued by the finance ministry late on Saturday night, minutes before the tariffs came into force, does not include one item that was there in the earlier list, artemia, a type of shrimp.

The commerce ministry had on Friday made public India’s intention to go ahead with imposition of duty on American products, a move New Delhi had previously deferred in the hope of striking a trade deal.

In an announcement on Friday, India’s Ministry of Finance said the decision was in the “public interest”.

An earlier list had also listed a 29th item – artemia, a type of shrimp – but this was removed.

US-India bilateral trade was worth $142bn (£111bn) in 2018, a sevenfold increase since 2001, according to US figures.

But $5.6n worth of Indian exports – previously duty-free in the US – will be hit now the country has lost preferential treatment under America’s Generalized System of Preferences (GSP).

Loading...
Media captionSujitha Rajendrababu tells the BBC how getting a job at a car factory has changed her life

The move is the latest push by the Trump administration to redress what it considers to be unfair trading relationships with other countries.

Tensions have since been rising between the two countries. Last year, India retaliated against US tariff hikes on aluminium and steel by raising its own import duties on a range of goods.

President Trump has also threatened to impose sanctions if India purchases oil from Iran and if it goes ahead with plans to buy Russian S-400 anti-aircraft missiles.

The latest tariffs from India come just days before country’s Foreign Minister, Subrahmanyam Jaishankar, is due to meet his US counterpart, Mike Pompeo, at a G20 summit in Japan. Mr Trump and India’s Prime Minister Narendra Modi are also expected to hold talks.

Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

9 Signs You’re Not Consuming Enough Water

LIST: Africa’s Top 10 Gorgeous Models And Their Impact On Social Media