India is no more a country that’s waiting for support from foreign nations. It is completely able to stand on it’s own feet and capable of delivering tit for tat responses as America found out.
U.S had hiked duties on certain steel and aluminium products which had an implication of about $241 million on India, but then India soon responded with a revised list of 30 items It proposed to raise customs duty by 50 percent from U.S – including motor cycle, certain iron and steel goods, boric acid and lentils.
“The US would be collecting $241 million worth of duties by hiking tariffs on certain steel and aluminium items from India, we also proposed to withdraw concessions of similar amount from these 30 products imported by India from the US”, a source said.
It was back in May that India proposed to raise duties by up to 100 percent on 20 products such as almonds, apples and specific motorcycles imported from U.S. Now an additional duty ranging from 10 percent to 100 percent are slapped on these products.
The revision is being provided to adjust the products and the tariff rates in accordance with India’s rights reserved vide its notification to the Council for Trade in Goods contained in the WTO document…of May 18, 2018.
“India hereby reiterates its decision to suspend concessions or other obligations notified to the Council for Trade in Goods on May 18, 2018…of the General Agreement on Tariffs and Trade 1994 and Article 8.2 of the Agreement on Safeguards, that are substantially equivalent to the amount of trade affected by the measures imposed by the United States,” according to a communication by India to WTO.
“India reserves its right to further suspend substantially equivalent concessions and other obligations based on the trade impact resulting from the application of the measures of the US ” It added.
The country has proposed this move under the WTOs Agreements on safeguards.
India’s exports of steel and aluminium products to America stood at about $1.5 billion every year. Its exports to the US in 2016-17 stood at $42.21 billion, while imports were $22.3 billion.
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