India to impose retaliatory tariff on 28 American goods

The move will yeild additional revenue of $217 million, Goyal said in a written reply in the Lok Sabha.

India will impose a retaliatory tariff on 28 American goods and will get additional revenue of $217 million, Commerce and Industry Minister Piyush Goyal said on Wednesday, reports Economic Times.

The retaliatory tariffs are expected to have an additional impact in terms of duty incidence of about $217 million (approximately) on these 28 products imported from the US,” Goyal said in a written reply in the Lok Sabha.

This imposition of the tariff has been done as a retaliation of the US imposing a global additional tariff of 25 per cent and 10 per cent on import of steel and aluminium products in March last year.

India was constantly discussing this issue with the US as a part of ongoing bilateral trade dialogue. The US did not take any steps to withdraw these duties as requested by India.

With the retaliatory tariffs, the maximum duty of $98.7 million will come from imports of almonds on which 17 per cent additional duty is imposed followed by $24.5 million duty from 20 per cent higher tax on diagnostic reagents, the report says.

Other products imported by India include apples, phosphoric acid and binders for foundry moulds.