India likely to defer higher import duties on US products by another 45 days

The Government of India is likely to postpone the imposition of higher import duties once again on American goods by another 45 days, a finance ministry official told Cogencis.

“The government will soon issue the notification regarding the same. The hike in import duty on US goods is likely to be deferred by another 45 days,” the official said. The new deadline for imposing higher tariffs on the US would be December 17 to December 18.

This will be the third time for India to have extended the deadline for imposing higher tariffs on US imports following President Donald Trump’s decision to raise tariffs on imported aluminium and steel products.

In June, the government had decided to impose tariffs on US goods from August 4, which later on, got extended to September 18 and then to November 2.   

Almonds, walnuts, and pulses are some of the 29 imported items from the US on which India had proposed to raise tariffs.

Actually, India is reportedly involved in negotiating with the US for securing exemption from the Trump administration imposed higher tariffs on aluminium and steel products. Besides, India is pressing the United States for resuming export benefits for some domestic products under their generalised system of preferences, and also for obtaining greater market access for products from sectors like agriculture, automobile, auto components, and engineering products.