India imposes retaliatory tariffs on the US
INDIA will impose higher retaliatory tariffs on 28 US products including almonds, apples and walnuts, following Washington’s withdrawal of key trade privileges for New Delhi.
The new duties took effect yesterday, a government notification said, in the latest trade row since US President Donald Trump took office in 2017 vowing to act against countries with which Washington has a large trade deficit.
From June 5, President Trump scrapped trade privileges under the Generalized System of Preferences for India, the biggest beneficiary of a scheme that allowed duty-free exports of up to US$5.6 billion.
India termed that “unfortunate” and vowed to uphold its national interests.
The tariffs come ahead of Prime Minister Narendra Modi’s first meeting with Trump on the sidelines of a G20 summit in Japan on June 28-29.
India initially issued an order in June last year to raise import taxes as high as 120 percent on a slew of US items, incensed by Washington’s refusal to exempt it from higher steel and aluminum tariffs.
But New Delhi repeatedly delayed as the two nations engaged in trade talks. Trade between them stood at about US$142.1 billion in 2018.
India on Saturday amended its previous order “to implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA” while preserving the existing rate for these goods for all other countries, the government notification said.
Higher Indian tariffs on US goods could impact growing political and security ties between the two nations.
US Secretary of State Mike Pompeo, who is expected to visit India this month, said this week the United States was open to dialogue to resolve trade differences with India, through greater access for American companies to its markets.
India is by far the largest buyer of US almonds, paying US$543 million for more than half of US almond exports in 2018.
New Delhi’s new rules in e-commerce and data localization have already angered the United States and hit companies such as Amazon.com, Walmart Inc, Mastercard and Visa.
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