India retaliates with higher customs duties on 28 US products

Tuesday, 18 June 2019 16:02:55 (GMT+3)   |   Kolkata
       

The Indian government has increased customs duty on 28 US products including certain iron and steel products, rolled products of stainless steel, foundry moulds, tube and pipes, and bolts, government officials said on Tuesday, June 18.

The hike in customs duty is a retaliatory measure against the US Administration’s decision to increase tariffs on Indian steel and aluminum exports, the officials added.

A notification issued by the Central Board of Indirect Taxes and Customs (CBIC) on June 15 announced “the imposition of retaliatory duties on 28 specified goods originating or exported from the US and preserving the Most Favored Nation (MFN) status rate for all these goods for all countries other than US.”

It has been estimated that the government will earn an additional $217 million from imports of these products over a full financial year.

The Indian government on March 15 first threatened retaliatory tariffs against the US hike in customs duties on Indian exports of steel and aluminum, but deferred such action five times before making it effective on June 16.

Other products that will attract higher customs duties include walnuts, pears, chickpeas, lentils and boric acid.


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