Retaliatory tariffs on 29 US products imported into India are being deferred from August 4 until September 18 due to ongoing discussions, according to government statements to the press. The notification by the Department of Revenue will delay tariffs on US imports of iron and steel products, flat rolled stainless steel and other products including agricultural goods such as apples, almonds and walnuts. The retaliatory tariff was designed to collect duties of about $241 million.
Some analysts have questioned India’s retaliatory tariff stance and have petitioned the Department of Commerce to reconsider and continue negotiations with the US since India can benefit from the transfer of US supply chains from China to service the Asian region. Face-to-face negotiations between representatives from the two countries are expected in September.