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India to impose retaliatory tariffs on 29 US goods

Posted on:15 Jun 2019 11:32:33
India to impose retaliatory tariffs on 29 US goods
15 June 2019 Current Affairs: Ministry of Commerce has announced to impose retaliatory tariffs on US goods that will be effective from June 16 onwards. The retaliatory tariffs on 29 goods imported from the U.S. The Ministry initially decided to  impose tariffs in 2018. The decision is ahead of the meeting between Modi and Trump on the sidelines of the G20 summit in Japan. The move made by the trade ministry was approved by the Ministry of External Affairs.
The tariffs will be applied on $220-290 million worth of goods that are imported from the US, and will have about the same impact as the tariffs imposed by Washington on India in 2018.
Ministry of Finance said that the Commerce ministry will release the official notification of the tariffs before 16 June. 

Why India is imposing tarrifs:
In March 2018, the US imposed 25% tariff on steel and 10% import duty on aluminium. India was one of the major exporters of these items.
Trarrifs on 29 major products ere impacted which includes Chickpeas, Bengal gram, Mansur dal, Boric acid, domestic reagents, apples, Binders for foundry moulds. India repeatedly asked for exemption from these higher tariffs, but US did not respond.
On June 2018, India decided to retaliate by imposing duties but extended the deadline.
On 5 June 2019, the U.S. withdrew export incentives to India under its Generalized System of Preferences (GSP) programme. India was the largest beneficiary of GSP. 
 
Ministry of Commerce has announced to impose retaliatory tariffs on US goods that will be effective from June 16 onwards. The retaliatory tariffs on 29 goods imported from the U.S. The Ministry initially decided to  impose tariffs in 2018. The decision is ahead of the meeting between Modi and Trump on the sidelines of the G20 summit in Japan. The move made by the trade ministry was approved by the Ministry of External Affairs.
The tariffs will be applied on $220-290 million worth of goods that are imported from the US, and will have about the same impact as the tariffs imposed by Washington on India in 2018.
Ministry of Finance said that the Commerce ministry will release the official notification of the tariffs before 16 June. 

Why India is imposing tarrifs:
In March 2018, the US imposed 25% tariff on steel and 10% import duty on aluminium. India was one of the major exporters of these items.
Trarrifs on 29 major products ere impacted which includes Chickpeas, Bengal gram, Mansur dal, Boric acid, domestic reagents, apples, Binders for foundry moulds. India repeatedly asked for exemption from these higher tariffs, but US did not respond.
On June 2018, India decided to retaliate by imposing duties but extended the deadline.
On 5 June 2019, the U.S. withdrew export incentives to India under its Generalized System of Preferences (GSP) programme. India was the largest beneficiary of GSP. 
 

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