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India To Remove Retaliatory Tariffs On Eight US Products
A cargo ship carrying containers (Getty Images)
India plans to remove additional duties on eight US products, including chickpeas, lentils, and apples, which were imposed in 2019 in response to the US measure to increase tariffs on certain steel and aluminium products, according to government sources.
Both countries decided to terminate six WTO (World Trade Organization) disputes and remove retaliatory tariffs on certain US products during the recent state visit of Prime Minister Narendra Modi to the US.
In 2018, the US imposed an import duty of 25 per cent on steel products and 10 per cent on certain aluminium products on grounds of national security. India retaliated in June 2019 by imposing customs duties on 28 American products.
One of the sources, who is aware of the development, said that the duties on these eight US-origin products would revert to the currently applied most-favoured-nation (MFN) rate after India notifies the rescinding of additional duties.
As part of the agreement, India will remove additional duty on chickpeas (10 per cent), lentils (20 per cent), almonds fresh or dried (Rs 7 per kg), almonds shelled (Rs 20 per kg), walnuts (20 per cent), apples fresh (20 per cent), boric acid (20 per cent), and diagnostic reagents (20 per cent), the sources added. The tariffs will end in 90 days.
US lawmakers and industry leaders have expressed their approval of the agreement reached with India to end the imposed duties.
India's bilateral goods trade with the US increased to $128.8 billion in 2022-23, compared to $119.5 billion in 2021-22, making the US India's largest trading partner.
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