Govt postpones deadline for imposition of tariff on 29 US products till Sept 18
New Delhi, Aug 7 (KNN) Government of India has postponed the imposition of import duty on 29 US products by 45 days till September 18 because of ongoing discussion between the two countries to resolve trade disputes.
This decision for extension of retaliatory measures for another 45 days was taken based on suggestion of Union Commerce Ministry. It also comes after some positive expectations from ongoing talks between two countries as they are wrapping up negotiations on mutually-acceptable trade package for boosting India-US trade through greater market access.
The duty hike move 29 products announced by India in June 2018 was seen as a retaliatory measure to USA's March 2018 decision to impose heavy tariffs on imported steel and aluminium items.
The notification said that the import duty that was supposed to come, “With effect from the 4th day of August-...shall come into effect from the 18th day of September, 2018.”
The imposition of the proposed tariff on 29 US products would affect imports of American apples, almonds, walnuts, iron and steel products, flat rolled products of stainless steel.
According to some reports quoting experts, the tariffs were announced in reaction to the US imposing 25% duty on certain steel products and 10% on aluminium products that will help it collect $241 million of duty.
The two sides are also gearing up for the Two-Plus-Two dialogue in September.