Once again govt extends retaliatory import tariffs deadline on US products
New Delhi, May 15 (KNN) The government has once again extended the deadline to impose retaliatory import tariffs on 29 US products till June 16 this year.
A Finance Ministry notification said the duties, which were to come into effect from May 16, have been postponed by a month.
This is not the first time India has extended deadline, earlier also these deadlines were extended several times.
This time the decision of extension comes in the backdrop of the US decision to withdraw export incentives being provided to Indian exporters under Generalized System of Preferences (GSP) program, which is expected to impact India's exports to the US worth $5.6 billion under this scheme.
America had given 60 days notice, which ended on May 2 but has yet to withdraw those benefits. Meanwhile, US Commerce Secretary Wilbur Ross and Commerce Minister Suresh Prabhu held bilateral meetings on May 6 to solve the trade disputes.
Further extension of GSP benefits was part of a trade package being negotiated between the two countries.