India Raises Import Duties for US
NEW DELHI: India will raise duties on 30 products originating in the US, including motorcycles with engine capacity over 800 cc, fresh apples and almonds, as it strikes back against Washington’s move to impose higher duties on Indian steel and aluminium exports, an official said. Motor cycles with engine capacity over 800 cc is going to attract 50% of duty, almonds 20%, walnuts 20% and apples 25%.“This is the first time that India has levied retaliatory tariffs on any country,” said the official aware of the details. The higher revised duties will come into force from June 21. India notified the World Trade Organisation (WTO) of its decision to suspend concessions to the US on Wednesday and expects around 8.09 million of duty to be collected through the measure. “This notification is made in connection with safeguard measures imposed by the United States of America on imports of certain aluminium and steel articles,” India said to the WTO. The US in March imposed 25% duty on certain steel products and 10% on aluminium products which as per the notification, will help the US collect 1million of duty. “India hereby reiterates its decision to suspend concessions or other obligations notified to the Council for Trade in Goods on 18 May 2018…The suspension of concessions will continue to apply until the US’ safeguard measures are lifted,” it said. On May 18, New Delhi had notified the WTO of imposing retaliatory tariffs on 20 items including peas, chickpeas, wheat, soybean oil, refined palmolein, coco powder, chocolate products and golf carts. It had then proposed 100% duty each on walnuts, 50% duty on goods vehicles with capacity over five tonne and 50% tariff on golf carts and snowmobiles. New Delhi had also recommended 10% duty on chocolate products and cocoa and, coffee.
- » EU Launches Asia Strategy to Rival China's 'New Silk Road'
- » Bulgarian PM: Sofia Interested in Joining Egypt-Greece-Cyprus Gas Project
- » Alabama Trade Mission in Romania and Bulgaria
- » Bulgarian Prosecutor General: The Criminal Code Should Prosecute the illegal Manufacture of Excise Goods
- » German Company Leoni Starts an Investment of EUR 32 Million in Pleven
- » The Best New Online Casinos in the UK and How to Navigate This Trend