India increases tariffs on 28 US goods

Last Updated at: Nov 04, 2019
India increases tariffs on 28 US goods

In retaliation to the US’ withdrawal of preferential access for Indian products, India has imposed higher customs duties on 28 US goods, including walnuts, almonds, apricots, apples, phosphoric acid and chickpeas, finished metal items, effective June 16, 2019. This is said to bring additional revenue of $217million.

This move comes in response after the US President ended the trade concessions on $5.7 billion of goods like leather products, imitation jewellery, chemicals and farm items that India shipped to the U.S. as of 2017.

The import duty on walnut has been raised to 120% from 30%, chickpeas to 70%. Also, this move comes just days ahead of two bilateral meetings with the first visit by Secretary of State, Mike Pompeo and the G-20 Summit meeting in Japan.

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The preferential trade agreements give the signing parties special or preferential access to each other’s market, thereby giving a boost to overall trade. America’s Generalized System of Preference (GSP) is a trade programme to promote the economic growth of developing countries – with a duty-free entry for up to 4,800 products. One-hundred and twenty-nine countries are included in the programme.

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A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.