Govt extends deadline to impose higher duties on 29 US products till May 02

March 30, 2019:

On Friday, Govt extended the deadline to impose higher customs duties on 29 products, including almond, walnut and pulses, originating in the US.

Department of Commerce had recommend Finance Ministry to extend the deadline for levying higher tariffs worth $235 million, once again as it is considering sending a delegation to the US to resolve bilateral trade issues.

With the new tariffs, the import duty on walnut would be hiked to 120% from 30% while that on chickpeas, Bengal gram (chana) and masur dal would become 70% from 30% now. Similarly, the levy on lentils will be hiked to 40% from 30%.

The tariffs, which were supposed to be effective April 1, have been delayed multiple times ever since being announced in June last year as the two sides were negotiating a trade package.

They were announced in in retaliation to the March 9 decision of US President Donald Trump to impose heavy tariffs on imported steel and aluminium items.

However, talks on the trade package fell through with Washington scrapping preferential treatment to Indian exports under the Generalised System of Preferences (GSP) scheme early this month.

The high tariffs on $5.6 billion of Indian exports to the US are expected to kick in from May.

Source Link