India to impose delayed tariffs on some U.S. goods in September

Image
Reuters NEW DELHI
Last Updated : Aug 04 2018 | 9:30 AM IST

NEW DELHI (Reuters) - India said on Saturday that delayed higher tariffs against some goods imported from the United States will go into force on September 18.

New Delhi, incensed by Washington's refusal to exempt it from new tariffs, decided in June to raise import tax from August 4 on some U.S. products, including almonds, walnuts and apples, and later delayed the move.

Officials from New Delhi and Washington, including U.S. Secretary of State Mike Pompeo and Defense Secretary Jim Mattis, are scheduled to hold a series of meetings including strategic talks with their Indian counterparts in September.

Trade differences between India and the United States have been rising since President Donald Trump took office. Bilateral trade rose to $115 billion in 2016, but the Trump administration wants to reduce its $31 billion deficit with India, and is pressing New Delhi to ease trade barriers.

India, the world's biggest buyer of U.S. almonds, in June decided to raise import duties on the commodity by 20 percent, joining the European Union and China in retaliating against Trump's tariff hikes on steel and aluminium.

It had also planned to impose a 120 percent duty on the import of walnuts in the strongest action yet against the United States.

India has proposed to buy petroleum products from the U.S. to help narrow the trade deficit. The United States has also emerged as a top arms supplier to India and U.S. companies are bidding for military aircraft deals worth billions of dollars.

(Reporting by Nidhi Verma and Aditi Shah in NEW DELHI, and Kanishka Singh in BANGALORE; Editing by Nick Macfie)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Aug 04 2018 | 9:15 AM IST

Next Story