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India to impose retaliatory tariff on 29 US items

India to impose retaliatory tariff on 29 US items

New Delhi: After extending the deadline for several times, India has decided to impose additional customs duties on 29 US products, including almond, walnut and pulses, with effect from June 16, sources said.

A notification with this regard will be issued by the finance ministry soon, they added.

The move will hurt American exporters of these 29 items as they have to pay duties on these products. India would get about USD 217 million in additional revenue from such imports.

The government had on June 21, 2018, decided to impose these duties in retaliation to the US decision of significantly hiking customs duties on certain steel and aluminium products.

India has informed the US about its decision to go ahead with the retaliatory duties, the sources said.

America had in March last year imposed 25 per cent tariff on steel and a 10 per cent import duty on aluminium products. As India is one of the major exporters of these items to the US, the US decision has a revenue implication of about USD 240 million on Indian steel and aluminium products.

India extended the deadline for imposition of these duties multiple times in the hope that some solution would emerge.

M Post Bureau

M Post Bureau

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