India imposes higher tariffs on 28 US goods |
Indian government has also imposed higher retaliatory tariffs on 28 US products, 10 days after the United States withdrew special trade privileges for India and hiked duty on Indian products like steel and aluminium. The tariffs came into effect from June 16. These 28 US products include highly consumed items like almond, pulses and walnut, which will hurt the American businesses as the prices of these items will now go up in the Indian markets. According to an official notification, the Central Board of Indirect taxes and Customs (CBIC) seeks to amend its June 30, 2017, notification, to "implement the imposition of retaliatory duties on 28 specified goods originating in or exported from the USA and preserving the existing MFN rate for all these goods for all countries other than the USA". The latest action by the government is in response to the Trump administration`s change in stance in its trade policies with several countries, including China, Mexico, and India. From June 5, the Donald Trump administration terminated India`s designation as a beneficiary developing nation under the key GSP (Generalised System of Preference) trade programme.
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