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07 AUGUST 2018 AL CIRCLE

India’s retaliatory tariffs on the US postponed to 18th of September

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

India’s retaliatory tariffs on 29 American products have been postponed to 18th of September, which was originally scheduled on August 4, 2018. This decision came out in the ongoing discussion between the two countries to resolve trade disputes.

“The said notification, with effect from the 4th day of August-...shall come into effect from the 18th day of September, 2018,” the government said in a notification.

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Last week, the department of commerce recommended to the department of revenue to amend the notification for further extension of the countermeasures by next 45 days. The countermeasures are levied on 29 American products worth of US$235 million, including apples, almonds, walnuts, iron and steel products, flat rolled products of stainless steel.

Deferring this retaliatory move is expected to substantially de-escalate a tariff war between India and the US. India is also hopeful that this move would finally bring them a relief from those extra metal tariffs levied by the Trump administration.

India’s retaliatory tariffs were announced in response to the Trump administration’s decision to impose 25 per cent and 10 per cent higher import tariffs on steel and aluminium.

Both the countries are even gearing up for the two-plus-two dialogue in September. Some analysts had suggested the Indian government to hold the decision of postponing retaliatory tariffs until the meet in September.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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