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India extends retaliatory tariff deadline on US items

16
May '19
Pic: Shutterstock
Pic: Shutterstock
India recently extended the deadline to impose retaliatory import tariffs on 29 US products till June 16, according to a notification by the finance ministry, which had earlier this month postponed that date from May 2 to May 16. New Delhi hopes to sort out trade issues with Washington after the polls are over and a new government takes over.

This is reportedly also being done taking into account that the United States has not yet withdrawn the generalised system of preferences schemes for India.

India had announced retaliatory tariffs worth $230 million on about 29 US products in June last year in response to imposition of penal tariffs of 25 per cent on steel and 10 per cent on aluminium from the country by the latter.

While the US seems to be dilly-dallying on GSP withdrawal, it has not given any indication yet on whether it was willing to take back the penal duties imposed on Indian steel and aluminium, according to Indian media reports.

The US wants India to address the price cap issue for medical devices, provide greater market access for dairy and agricultural products and also reduce high import tariffs for mobile phones.

In 2018, bilateral trade in goods and services registered a growth of 12.6 per cent to $142 billion, from $126 billion in 2017. (DS)

Fibre2Fashion News Desk – India


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