India imposes higher customs duty on 28 US goods
PTI : After extending the deadline for several times, India has decided to impose additional customs duties on 29 US products, including almond, walnut, and pulses, with effect from June 16, sources said. A notification with this regard will be issued by the finance ministry soon, they added.
The move will hurt American exporters of these 29 items as they have to pay duties on these products. India would get about $217 million in additional revenue from such imports.
The government had on June 21, 2018, decided to impose these duties in retaliation to the US decision of significantly hiking customs duties on certain steel and aluminum products.
India has informed the US about its decision to go ahead with the retaliatory duties, the sources said.
America had in March last year imposed 25 percent tariff on steel and a 10 percent import duty on aluminum products.
As India is one of the major exporters of these items to the US, the US decision has a revenue implication of about $240 million on Indian steel and aluminium products.
India extended the deadline for imposition of these duties multiple times in the hope that some solution would emerge during a negotiation between India and the US on a proposed trade package.