India hikes Custom Duty on 28 US Products after Trump ends preferential trade status
New Delhi | Jagran News Desk: India on June 15 announced a hike in custom duties on 28 US products in response to Washington’s withdrawal of trade privileges to New Delhi.
The tariff has been increased on 28 products like pulses, almonds, and walnut and. An official notification said that the increased tariffs will come into effect from June 16.
"Implement the imposition of retaliatory duties on 28 specified goods originating in or exported from the USA and preserving the existing MFN rate for all these goods for all countries other than the USA," said the CBIC on Saturday.
The CBIC had to amend its June 20, 2017 notification for this.
The new tariffs would allow India to receive around USD 217 million additional revenue from US imports.
As per the sources, the government had decided to increase the tariffs on US products after the Washington ends the preferential trade status to India.
US President Donald Trump on May 31 had said that the United States will terminate India's designation as a beneficiary developing nation under the key GSP trade programme on June 5. Trump had announced his intentions in early March.
“I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets,” Trump said in a statement on Friday.
India was the biggest beneficiary of the GSP with USD 5.7 billion in imports to the US given duty-free status and Turkey the fifth largest with USD 1.7 billion in covered imports, according to a Congressional Research Service report issued in January.
Posted By: Aalok Sensharma