Trade War kicked off initially between just the U.S and China and later even the European Union joined the momentum.
- But now India has made a move too in retaliation to the U.S. action of imposing tariffs on steel and aluminium products 25% and 10% respectively.
- India has notified higher tariffs on multiple items imported from the United States (U.S).
Here are some details:
- The items imported from the U.S on which India has put higher tariffs includes agricultural products such as almonds, apples, chickpeas, lentils,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 4 August 2018, leaving room for further discussions between the U.S. and India before the new rates are implemented.
- It 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.
- These additional duties were aimed at helping government earn an additional $241 million, equivalent to amount of iron and steel trade affected by US measures.
- The notification did not mention a tariff hike on 800 cc (or more) motorcycles, which would affect Harley Davidson imports that has already been a point of tussle between the two countries even before this latest move started.
