Tue. Mar 19th, 2024

One of the greatest comebacks from India’s side to the US was to increase customs duty on 29 products. The products including pulses, iron and steel products. The duty hike for 28 products has begun immediately. On the other hand, Artemia a type of shrimp, will increase from August 4.

Sources have said that the duty hike by India would have an equivalent tariff implications for the US especially, “excluded motorbikes above 800cc. Now additional custom duties have been imposed on 29 items.”

Last week, India has submitted to the WTO a revised list of 30 items on which it proposed to raise custom duties up to 50 percent. This was a follow up on President Trump’s decision on 9th March. It was decided by the President to impose heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war.

This dispute has been dragged by India with the US to the WTO dispute settlement mechanism over the import of duties on steel and aluminium.

The duty on Boric Acid binders for foundry moulds has been hiked to 7.5 per cent, while that on domestic reagents was raised to 10 per cent.

India exports steel and aluminium products worth about USD 1.5 billion to the US every year. India’s exports to the US in 2016-17 stood at USD 42.21 billion, while imports were USD 22.3 billion.

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