Monday 22 July 2019
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The News - 1 month ago

India is hitting the US with more tariffs

NEW DELHI: India just increased tariffs on US exports, dealing another blow to fragile global trade. The tariffs on several US products will go into effect on June 16, India s Finance Ministry said in a statement Saturday. The goods targeted include American apples which will be hit with a 70% tariff as well as almonds, lentils and several chemical products.India first announced plans to impose new tariffs a year ago in retaliation for increased US import duties on Indian steel and aluminum. But it repeatedly delayed imposing them while the two sides held a series of trade talks. The Indian government did not specify the value of the goods targeted in its statement, but previously told the World Trade Organization that they were worth around $241 million. The two countries exchange goods and services worth about $142 billion a year, but the relationship has soured in recent weeks after the Trump administration ended India s participation in a preferential trade program earlier this month.The program exempted Indian goods worth more than $6 billion from US import duties in 2018. One of President Donald Trump s biggest priorities has been reducing the United States trade deficits with countries around the world.

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