Tariffs will be imposed on 28 US products from 28th June 2019 including Almonds and Apples, says India.
Due to Washington's refusal to exempt Delhi from taxes on aluminum and steel imports, Delhi has risen the duties on 28 US products up to 70%. President Donald Trump announced earlier this month that the US will withdraw India's preferential trade treatment.
In June last year, trade talks delayed the implementation of the tariffs which were supposed to go up to 120%, said India. The decision was made in the public interest says India's Finance Minister on Friday. Artemia, a type of shrimp, was added to the list, making it 29th in the list, but was later removed from the list.
In 2018, US-India bilateral trade ( exchange of goods between two nations for promoting investment and trade) was worth $142bn, seven times more than it was in 2001, according to research in the US.
The move is the latest push by President Donald Trump's administration to redress what it considers to be unfair trading relationships with other nations. Tension has since risen between the two nations.
Last year when the US increased tariffs on aluminum and steel, India retaliated by increasing its own import duties on the US products.
President Trump has also warned India to impose sanctions if India purchases oil from Iran and if they continue to go ahead with their plans to buy S-400 anti-aircraft Russian missiles.
Sources :-
https://www.bbc.com/news/world-asia-india-48650505
https://edition.cnn.com/2019/06/15/economy/india-tariffs-us-trump/index.html
Due to Washington's refusal to exempt Delhi from taxes on aluminum and steel imports, Delhi has risen the duties on 28 US products up to 70%. President Donald Trump announced earlier this month that the US will withdraw India's preferential trade treatment.
In June last year, trade talks delayed the implementation of the tariffs which were supposed to go up to 120%, said India. The decision was made in the public interest says India's Finance Minister on Friday. Artemia, a type of shrimp, was added to the list, making it 29th in the list, but was later removed from the list.
In 2018, US-India bilateral trade ( exchange of goods between two nations for promoting investment and trade) was worth $142bn, seven times more than it was in 2001, according to research in the US.
The move is the latest push by President Donald Trump's administration to redress what it considers to be unfair trading relationships with other nations. Tension has since risen between the two nations.
Last year when the US increased tariffs on aluminum and steel, India retaliated by increasing its own import duties on the US products.
President Trump has also warned India to impose sanctions if India purchases oil from Iran and if they continue to go ahead with their plans to buy S-400 anti-aircraft Russian missiles.
Sources :-
https://www.bbc.com/news/world-asia-india-48650505
https://edition.cnn.com/2019/06/15/economy/india-tariffs-us-trump/index.html
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