India imposes hike in customs duty on 28 US products in response to high tariffs imposed by Washington

India on Saturday anunced a hike in customs duties on as many as 28 US products, including almond, pulses and walnut, in response to higher tariffs imposed by Washington on Indian products like steel and aluminium. increased customs duties will come into effect from Sunday, an official tification said.

move will hurt American exporters of se 28 items as y will have to pay higher duties, making those items costlier in Indian market.

Amending its June 30, 2017, tification, Central Board of Indirect taxes and Customs (CBIC) said Saturday's tification will "implement imposition of retaliatory duties on 28 specified goods originating in or exported from USA and preserving existing MFN rate for all se goods for all countries or than USA".

Earlier, list included 29 goods but India has removed artemia, a kind of shrimp, from list. India would get about USD 217 million ditional revenue from such imports.

government h on June 21, 2018 decided to impose se duties in retaliation to US decision of significantly hiking customs duties on certain steel and aluminium products.

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America h in March last year imposed 25 per cent tariff on steel and a 10 per cent import duty on aluminium products. Earlier, re was duty on se goods.

As India is one of major exporters of se items to US, move has revenue implication of about USD 240 million on domestic steel and aluminium products.

India extended deline for imposition of se duties eight times in hope that some solution would emerge during a negotiation between India and US on a proposed tre pack.

But those negotiations came to a halt following decision of US to withdraw export incentives to Indian exporters under its Generalised System of Preferences (GSP) programme. se benefits were rolled back from June 5. It will impact goods worth USD 5.5 billion from India to America.

As part of imposition of higher import duties on US products, India has tified higher tariffs on several goods.

While import duty on walnut has been hiked to 120 per cent from 30 per cent, duty on chickpeas, Bengal gram (chana) and masur dal will be raised to 70 per cent, from 30 per cent currently. Levy on lentils will be increased to 40 per cent.

duty on boric acid and binders for foundry moulds would be hiked to 7.5 per cent, while that on domestic rents will be increased to 10 per cent.

or products on which duties will be hiked include certain kind of nuts, iron and steel products, apples, pears, flat rolled products of stainless steel, or alloy steel, tube and pipe fittings, and screws, bolts and rivets.

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India has also dragged US to World Tre Organisation's (WTO) dispute settlement mechanism over imposition of import duties on steel and aluminium.

India exports steel and aluminium products worth about USD 1.5 billion to US every year.

India's exports to US in 2017-18 stood at USD 47.9 billion, while imports were at USD 26.7 billion. tre balance is in favour of India.