India to Impose Retaliatory Tariff

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India has imposed additional customs duties on 29 US products including almond, walnut and pulses after extending the deadline for several times with effect from June 16.

The finance ministry will issue a notification in this regard soon.

However, this move will hurt the American exporters of these 29 items as they have to pay duties on these products. Through these customs duties, India would get about USD 217 million additional revenue from such imports.

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

The US was informed by India about its decision to go ahead with the retaliatory duties.  

India’s exports to the US in 2017-18 stood at USD 47.9 billion, while imports were at USD 26.7 billion. The trade balance is in favour of India.  

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