India imposes retaliatory tariffs on American goods

India on Saturday imposed retaliatory tariffs on American goods, less than two weeks after United States President Donald Trump announced an end to preferential trade treatment for India over the trade barriers.

Tariffs will be imposed on all goods originating in or exported from the United States of America, a statement issued by the Ministry of Finance on Saturday read.

On June 5, a proclamation issued by Trump stated that the US is slated to revoke India's status as a beneficiary developing country for purposes of the Generalised System of Preferences (GSP).

Washington also announced that it has decided to remove India from its list of "developing country WTO Members" who are exempted from the application of safeguard measures on CSPV products and large residential washers.

Earlier this week, US Secretary of Commerce Wilbur Ross had said that Washington is open to dialogue with New Delhi, adding that the latter needs a "mindset of moving towards" an open economy.

Ross' comments came a day after US Secretary of State Michael Pompeo had said the US is open for a dialogue to resolve trade differences with India.

"It's a partnership of equals is how we see it. In my upcoming visit, we will probably discuss the GSP decision," Pompeo had said during his address at the US-India Business Council ahead of his visits to India, Sri Lanka, Japan, and South Korea later this month.

"We remain open to dialogue, and we hope that our friends in India will drop their trade barriers and trust in the competitiveness of their own companies.