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economy | IST

India to impose retaliatory tariffs on 20 US products to hit back on steel, aluminium duties

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In a retaliatory action, India will raise duties by up to 100% on 20 US goods after Washington imposed additional duties on steel and aluminium, sources privy to the developments told CNBC-TV18.

In a retaliatory action, India will raise duties by up to 100% on 20 US goods after Washington imposed additional duties on steel and aluminium, sources privy to the developments told CNBC-TV18.
The increase in duties will be effective from June 21, 2018 as New Delhi had notified retaliation tariffs against goods imported from the US on May 17.
India has said that the duty imposed by US has affected steel exports by $134.4 million, while the same on aluminium was $31.16 million.
On March 9, 2018, US President Donald Trump imposed heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war.
Trump signed two proclamations that levied a 25% tariff on steel and a 10% tariff on aluminium imported from all countries except Canada and Mexico.
According to sources, motor cycle with engine capacity over 800 cc is going to attract 50% of duty; goods vehicles with capacity over five tonne 50%; golf carts and snowmobiles 50%; chocolate products and cocoa 10%; coffee 10%; almonds 10%; cashew nuts 10% and walnuts 100%.
The 20 items include peas, chickpeas, fresh apple, walnut, soybean oil, refined palmolein, coco powder, chocolate products, golf carts, motor cycle with engine capacity over 800 cc and other goods vehicles, with spark-ignition internal combustion piston engine.
Meanwhile, New Delhi and Washington will discuss all trade issues, including aluminium and steel tariff when US trade officials reach India in the last week of June for bilateral discussions.