After imposition of higher retaliatory tariffs by India on US goods, check what's become COSTLIER from today
The Move Will Hurt American Exporters Of These 28 Items As They Will Have To Pay Higher Duties, Making Those Items Costlier In The Indian Market. It Will Impact Goods Worth $5.5 Billion From India To America.
After US President Donald scrapped trade privileges to India under the Generalized System of Preference (GSP) from June 5, India will impose higher retaliatory tariffs on 28 US products including almonds, apples and walnuts from Sunday. The new duties take effect from Sunday, said a government notification 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.
The move will hurt American exporters of these 28 items as they will have to pay higher duties, making those items costlier in the Indian market. It will impact goods worth $5.5 billion from India to America.
Amending its June 30, 2017, notification, the Central Board of Indirect taxes and Customs (CBIC) said Saturday's notification will "implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA and preserving the existing MFN rate for all these goods for all countries other than USA".
What becomes costlier:
- Import duty on walnut has been hiked to 120 per cent from 30 per cent.
- Duty on chickpeas, Bengal gram (chana) and masur dal will be raised to 70 per cent, from 30 per cent.
- Levy on lentils will be increased to 40 per cent.
- The duty on boric acid and binders for foundry moulds would be hiked to 7.5 per cent.
- On domestic reagents will be increased to 10 per cent.
- The other products on which duties will be hiked include certain kind of nuts, iron and steel products, apples, pears, flat rolled products of stainless steel, other alloy steel, tube and pipe fittings, and screws, bolts and rivets.
- India has also dragged the US to the World Trade Organisation's (WTO) dispute settlement mechanism over the imposition of import duties on steel and aluminium.
(With agency inputs)
For all the Latest Business News, Download News Nation Android and iOS Mobile Apps.
First Published : 16 Jun 2019, 01:56:00 PM