India notifies higher tariffs for import items from US | Current Affairs, Current Affairs 2018

India notifies higher tariffs for import items from US

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India has notified higher tariffs on several items imported from the United States.
The products include agricultural products such as apples, almonds, chickpeas, lentils, and walnuts, and industrial inputs such as some grades of iron and steel products.
The notification, however, says that these higher tariffs would come into effect from August 4, leaving room for further discussions between the U.S. and India before the new rates are implemented. The latest action follows the government’s notification to the World Trade Organisation (WTO) last week, saying that it was imposing tariffs amounting to $240 million in retaliation to the U.S. action on steel and aluminium.
According to a government official, ‘The Commerce Minister has said that he will be having more talks with the U.S. on the trade issues, and so the later date [for the implementation of the tariffs] is to give time so that they can be amended following the talks.
India’s action comes close on the heels of escalating trade tensions, with the U.S. and China both imposing hefty tariffs on each other, and even the European Union joining the fray.

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