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India to impose retaliatory tariffs on 29 U.S. goods from June 16 (Relevant for GS Prelims & Mains Paper III; Economics)

India has decided to impose retaliatory tariffs on 29 goods imported from the U.S. from June 16 onwards. The tariffs will place a burden of $220-290 million on the U.S., about the same amount imposed by Washington on India in 2018.

Earlier hike in tariffs
The tariffs on the 29 goods — including walnuts, apples, and some pulses — were initially announced in June 2018 in retaliation to U.S. President Donald Trump’s decision in March that year to impose higher import tariffs on Indian aluminium and steel. India has repeatedly asked for exemption from these higher tariffs, but to no avail.

However, negotiations continued for about a year, with India repeatedly extending the deadline for the imposition of retaliatory tariffs. These talks, as well as the ones surrounding granting India duty-free imports for certain items under the U.S.’ Generalised System of Preferences (GSP) seem to have fallen through.

Earlier hike in tariffs

Last year, the U.S. announced that it would be reviewing India’s eligibility for the GSP, and in June this year, decided that it would withdraw the benefits.

(Source:https://www.thehindu.com/business/Economy/india-to-impose-retaliatory-tariff-on-29-us-items-from-june-16/article27935160.ece)



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