India notifies higher tariffs on 29 items imported from US
India has notified higher tariffs on 29 items imported from United States (US). This is was in retaliation against US announcement imposing tariffs on steel and aluminium items — 25% and 10% respectively — imported from all countries except Canada and Mexico in March 2018 to compensate from loss of revenue.
The 29 items includes agricultural products such as almonds, apples, chickpeas, lentils, and walnuts, and industrial inputs such as some grades of iron and steel products. These higher tariffs amounting to $240 million will come into effect from August 2018, leaving room for further discussions between US and India before new rates are implemented. It follows India’s notification to World Trade Organization (WTO) that it was imposing additional tariffs on 30 items in retaliation for US duty on steel and aluminium. These additional duties were aimed at helping government earn an additional $241 million, equivalent to amount of iron and steel trade affected by US measures. The latest notification does not mention tariff hike on 800 cc (or more) motorcycles as it was earlier notified in 30 items list to WTO.
Categories: Business & Economy Current Affairs 2018