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India's retaliatory tariffs on 30 US items to rake in additional $240 mn
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| Parent(s) |
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| Contributor | RP |
| Last Edited | RP Jun 18, 2018 11:39am |
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| Category | News |
| Author | Subhayan Chakraborty |
| News Date | Monday, June 18, 2018 04:00:00 PM UTC0:0 |
| Description | Dry fruits, shrimps, chemicals and motorcycles all figure in the list of US imports that are set to attract a higher duty soon and represent a crafty trade reaction by India to threats of 'reciprocal tariffs' by Donald Trump.
India has notified the World Trade Organisation (WTO) on Wednesday of its decision to impose higher import tariffs on 30 US goods - including motorcycles and heavy machinery as well as a large number of agro products such as almonds, shrimps and chocolates - which is expected to rake in an additional $240 million.
The move comes after New Delhi received a cold shoulder from Washington DC on its request for exempting India from the higher tariffs announced by the US on steel and aluminium imports. "Our estimates place a combined $240 million loss for India on account of Mr. Trump's steel, aluminium tariffs and we felt a reciprocal tariff of a similar amount on US imports would be fair," a senior Commerce Ministry official said. |
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