TIL Desk/World/New Delhi/ India might finally go ahead to impose retaliatory import tariffs against some US goods, sources said on Friday. According to sources, the long overdue retaliatory move, which was first proposed last year, will consist of tariffs on 29 US items and this can come in effect from as soon as next week.
Industry estimates have pegged $290 million worth of additional burden on US items exported to India. Speculations are that the 29 items imported from the US including walnuts, lentils, boric acid and diagnostic reagents among others, will face higher duties, thereby cutting benefits to US exporters.
Last year, the US imposed duties on steel and aluminium from India and more recently, the Trump administration ended the preferential treatment given to various goods supplied from India. The withdrawal of generalized system of preferences or GSP benefits came into effect from June 5. These non-reciprocal and non-discriminatory export benefits are extended by developed countries to developing countries.
