India may again extend retaliatory tariff deadline on 29 US products by 30 days

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New Delhi: India is anticipated to once more lengthen the deadline by a month to impose retaliatory import duties on 29 US merchandise, together with almond, walnut and pulses, an official mentioned.

The earlier extension will finish on 16 Might.

The commerce ministry has requested its finance counterpart to challenge a notification with regard to additional extension of the deadline, the official added.

These deadlines had been prolonged a number of occasions since June 2018, when India determined to impose these duties in retaliation to a transfer by the US to impose excessive customs duties on sure metal and aluminium merchandise.

This extension comes within the backdrop of the US choice to withdraw export incentives being supplied to Indian exporters underneath Generalised System of Preferences (GSP) programme, which is anticipated to impression India’s exports to the US value $5.6 billion underneath this scheme.

 India may again extend retaliatory tariff deadline on 29 US products by 30 days

Representational picture. Reuters

America had given 60 days discover, which ended on 2 Might however has but to withdraw these advantages.

In the meantime, US commerce secretary Wilbur Ross and commerce minister Suresh Prabhu held bilateral conferences on Might 6 right here to debate trade-related points.

Additional extension of GSP advantages was a part of a commerce package deal being negotiated between the 2 nations. Nonetheless, these negotiations hit a roadblock after the US introduced its choice to roll again GSP advantages from Indian exporters.

The US administration has alleged that India in imposing excessive import duties on merchandise reminiscent of paper and Harley Davidson bikes from America.

India needs the US to exempt them from the excessive obligation imposed on sure metal and aluminium merchandise, present higher market entry for agriculture, vehicle, vehicle elements and engineering sector merchandise.

However, the US is demanding higher market entry by way of a minimize in import duties for its agriculture items, dairy merchandise, medical gadgets, IT and communication gadgets.

As a part of the imposition of upper import duties, India has notified larger tariffs on a number of merchandise. Whereas import obligation on walnut has been hiked to 120 % from 30 %, obligation on chickpeas, Bengal gram (chana) and masur dal will probably be raised to 70 %, from 30 % at the moment. Levy on lentils will probably be elevated to 40 %.

India’s exports to the US in 2017-18 stood at $47.9 billion, whereas imports had been at $26.7 billion. The commerce steadiness is in favour of India.

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