Insta
India To Remove Retaliatory Tariffs On Eight US Products
Swarajya News Staff
Jun 25, 2023, 08:20 PM | Updated 08:20 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.