India mulls introducing retaliatory tariffs worth $241 million on USA imports soon

18 Juin, 2018, 13:50 | Auteur: Anatole Charbonneau
  • US import tariffs on steel aluminium India hits back to suspend concessions of 30 products

India said the retaliatory barriers are equal in value to USA tariffs on steel and aluminum from India that were imposed by the Trump administration in March.

"It's some bit of posturing and some amount of negotiation will happen", Abhishek Jain, Tax Partner at EY India said.

India is also presenting a united front along with other USA trade partners like China and the European Union, who are also proposing to enforce tariffs against U.S. goods.

In a tit-for-tat in the ongoing trade war with the US, India has made a decision to suspend concessions and raise customs duty by up to 50 per cent on 30 American imports, including premium motorcycles, certain iron and steel goods, boric acid and lentils.

"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 United States imports would be fair", a senior commerce ministry official told the Business Standard newspaper. Importing motorcycles with engines bigger than 800 cc will attract 50 per cent of import duty, and apples will see duty charged at 25 per cent, according to a report by The Economic Times. India primarily sells pearls, pharmaceuticals, chemicals, and textiles to the United States, and imports nuclear reactors, machinery, mineral fuels, and oil among other products.

USA denies report of coalition airstrike on Syria
Washington said the strikes were in retaliation for an attack on its own personnel and SDF forces. The strike took place in al-Harra, southeast of Albu Kamal, Syrian state media said.

Mourinho: France victor shouldn’t be credited to Pogba
After showing promise in spells against the might of France , there is every reason to believe they can make it happen. That sparked a concerted offensive by Didier Deschamps' team but Australia stemmed the tide as the half progressed.

Zach Johnson Angered By 'Pure Carnage' On The US Open Course
A new, quirky venue like Erin Hills might not have been held in high regard, but the rich history of Shinnecock? Wall: No way. It is not clear when she and Koepka began to date, but it was not long before she entered the spotlight during Koepka's U.S.

India has already informed the World Trade Organisation (WTO) of the decision to suspend concessions to the U.S. earlier this week.

New Delhi notified the WTO just as Commerce Minister Suresh Prabhu was wrapping up his trip to Washington, where he held discussions with US Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer, to find ways to avoid an all-out trade war.

Earlier this week, New Delhi sent a letter to the World Trade Organization notifying the body of its intention. The Indian government repeatedly requested an exemption from these tariffs as India did not pose a security threat to the USA, but to no avail. As part of safeguarding the rules-based worldwide trading system against this United States attack, India is routing its tariff hikes via the WTO, informing the body and raising a fresh dispute on the metal tariffs. This, according to the government, was in keeping with the duty increase of $241 million due to the U.S.' actions.

Three of America's biggest trade partners - the European Union, Mexico and Canada - are retaliating after the Trump administration allowed exemptions that had spared them from tariffs on steel and aluminum to expire. The Indian government had stated that the new revised items will bear a high import duty tariff as early as June 21, if the United States continues with its trade measures.

According to news agency PTI, US' decision to hike import duties will have an impact of about $241 million - $198.6 million on steel and $42.4 million on aluminium.

Conseillé:



Populaire

Norwich want £25 million for Maddison
Maddison, who is one of the best attacking midfielders in the Championship , reportedly prefers the Saints to the Foxes . Maddison is roughly six weeks into what was expected to be at least eight weeks of rehabilitation.

Mom says city wants $132K for sculpture knocked over by her son
She said her son didn't damage the sculpture on objective . "We are responsible to protect the public investment". The insurance company now says the family is on the hook for the statue.

Man charged with making $1.3 million in fraudulent returns to Walmart
Thomas Frudaker, 23, was arrested on Wednesday in Yuma after store employees reported a suspicious transaction to police. Suspicion arose when Frudaker attempted to return a computer at a Walmart in Yuma, Arizona , officials said .

N’Golo Kante provides statement amid Real Madrid and PSG links
Chelsea midfielder N'Golo Kante has emerged on Juventus' transfer radar despite the Blues not wanting to sell the Frenchman this summer.

Messi: The Penalty Was Painful
Lionel Messi had a penalty kick saved as the South Americans surrendered a lead and only got a point out of the match. It is a hardly contested fact that Messi is extremely risky with free kicks.

Almost 2000 migrant children separated from their families at US-Mexico border
Trump is scheduled to go to Capitol Hill on Tuesday at 5:30 pm to speak with House Republicans about immigration reform. Administration officials had begun making preparations to hold immigrant children on military bases.

Taxes américaines : la Chine va imposer des droits de douane identiques (Pékin)
Cependant, le commerce entre nos nations est très inéquitable, depuis très longtemps", a fait valoir Donald Trump dans un communiqué.

Crucial Red Card Costs France After Beauden Barrett Is Taken Out
Coach Steve Hansen says both Barrett and Fifita will stay in Wellington tonight and will be monitored throughout the week. Because of his head knock, Barrett is unlikely to play in the third and final Test in Dunedin next weekend.

Quels trains circuleront en Bourgogne-Franche-Comté dimanche 17 juin — Grève SNCF
Mais la SNCF ne garantit que trois trains Lyria sur quatre, et deux sur trois en direction de l'Italie et de l'Espagne. Seuls 2 Intercités sur 5 circuleront, et 50% des liaisons internationales seront assurées .

Serbia beat Costa Rica through Kolarov free-kick
After a tense first half, Kolarov gave Serbia the lead with a fantastic free-kick, curling the ball with his left foot past Keylor Navas .