India levies retaliatory tariffs on 28 American products

The new tariffs are expected to bring in $220 million of revenue to India.

NEW DELHI: India will impose higher tariffs on 28 American products including almonds, apples and walnut effective June 16, the government said in a notification on Saturday.

The retaliatory tariffs, triggered by the US announcing higher duties on Indian steel and aluminium last year, were deferred multiple times in view of the trade dialogue between the two countries.

The new tariffs are expected to bring in $220 million of revenue to India as the government dropped one item- artemia-from the list.

New Delhi had decided to levy higher tariffs following Washington’s withdrawal of preferential benefits for $6.35 billion of Indian exports early this month.

The move comes ahead of meetings between US President Donald Trump and Prime Minister Narendra Modi at the G20 summit on June 28-29 in Osaka. Also coming up later this month is a visit by US secretary of state Mike Pompeo to India for bilateral talks with counterpart S Jaishankar. Pompeo said on Thursday that the US was open to discussions on the Generalized System of Preferences (GSP).

Source: The Economic Times

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