Close X
Tuesday, December 3, 2024
ADVT 
India

In Tit-For-Tat, India Hikes Import Duties On US Agri Products

IANS, 21 Jun, 2018 01:29 PM
    In a retaliatory move, India has hiked customs duty on several goods, including Bengal gram, lentils and artemia, imported from the United States.
     
     
    The import duty hike would be effective from August 4, the Finance ministry said in a notification.
     
     
    The import duty on chickpeas and Bengal gram has been increased to 60 per cent, while that on lentils has been hiked to 30 per cent. The other products on which duties have been hiked include certain kind of nuts, iron and steel products, apples, pears, flat rolled products of stainless steel, other alloy steel, tube and pipe fittings, and screws, bolts and rivets.
     
     
    The duty on boric acid and binders for foundry moulds has been hiked to 7.5 per cent, while that on domestic reagents was raised to 10 per cent.
     
     
    Duty on artemia, a kind of shrimp, has been hiked to 15 per cent.
     
     
    However, there was no duty hike on motorcycles imported from the US.
     
     
    Last week, India had submitted to the WTO a revised list of 30 items on which it proposed to raise customs duties by up to 50 per cent.
     
     
    The move was in retaliation to the duty hike by the US on certain steel and aluminium products which had tariff implication of USD 241 million on India.
     
     
    The duty hike by India would have an equivalent tariff implications for the US.
     
     
    Sources said out of 30 items proposed, India has "excluded motorbikes above 800 cc. Now additional customs duties have been imposed on 29 items."
     
     
    On March 9, US President Donald Trump imposed heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war.
     
     
    India has said the duty imposed by the US has affected steel exports by USD 198.6 million and aluminium shipments by USD 42.4 million.
     
     
    India has also dragged the US to the World Trade Organisation's (WTO) dispute settlement mechanism over the imposition of import duties on steel and aluminium.
     
     
    India exports steel and aluminium products worth about USD 1.5 billion to the US every year.
     
     
    India's exports to the US in 2016-17 stood at USD 42.21 billion, while imports were USD 22.3 billion. 

    MORE India ARTICLES

    Finance Minister Arun Jaitley To Undergo Kidney Transplant

    Finance Minister Arun Jaitley is suffering from some kidney related problems and is set to undergo kidney transplant this weekend.

    Finance Minister Arun Jaitley To Undergo Kidney Transplant

    Rahul Gandhi Uses Popular Bollywood Song To Take Dig At Madhya Pradesh CM Shivraj Singh Chouhan

    Rahul Gandhi Uses Popular Bollywood Song To Take Dig At Madhya Pradesh CM Shivraj Singh Chouhan
    Using wit and sarcasm, Gandhi took potshots at the manner of working of the Bharatiya Janata Party (BJP) government in the state by using a popular song from the movie "Qayamat Se Qayamat Tak"

    Rahul Gandhi Uses Popular Bollywood Song To Take Dig At Madhya Pradesh CM Shivraj Singh Chouhan

    'Indians Have Always Loved Their Whiskey'

    'Indians Have Always Loved Their Whiskey'
    Indians have always loved their whiskey, and now they are more open to experimentation, says an industry expert.

    'Indians Have Always Loved Their Whiskey'

    Now, Pathankot Gets UDAN Regional Connectivity Boost, First Alliance Air Flight Takes Wing

    Now, Pathankot Gets UDAN Regional Connectivity Boost, First Alliance Air Flight Takes Wing
    Pathankot in Punjab came under the civil aviation network on Thursday with Alliance Air operating its first flight from Delhi under the Centre's regional connectivity scheme, UDAN.

    Now, Pathankot Gets UDAN Regional Connectivity Boost, First Alliance Air Flight Takes Wing

    I Am Single And Happy, Says Ramdev Talking About Success

    52-year-old Yoga guru was addressing Goa Fest 2018, a three-day-long event which started near Panaji on Thursday.

    I Am Single And Happy, Says Ramdev Talking About Success

    Nirav Modi In Hong Kong? Govt Sends Request For Provisional Arrest

    The Ministry of External Affairs has submitted a request to Hong Kong authorities for provisional arrest of Nirav Modi, wanted in connection with PNB loan fraud, the government  said on Thursday.

    Nirav Modi In Hong Kong? Govt Sends Request For Provisional Arrest