The bilateral trade relations between India and the US are not doing well. After exceeding the import tax tax on foreign companies in the e-commerce and on the American bike, President Donald Trump has withdrawn GSP (traded preferential) status from India. However, the government reduced import tax to 50 percent. Despite this, Trump said that still India is charging more tax. He clearly said that I would not allow America to become a bank that everyone robbed.
This Rule will apply on June 16
Now India has decided to respond to this move of the United States. Import tax has been increased manifold from June 16 to 29 American products. Earlier, the government has extended the deadline for implementing it several times. This will give the country an additional revenue of $ 21.7 million. On June 21 last year, the government decided to levy a higher fee on these American goods. Because of this, the US had to increase the duty on some steel and aluminum products to be imported from India. While responding to this, the government decided to raise the fee on these 29 items. Sources said that the government has conveyed to the US the decision to implement higher tariffs.
In March, the US Increased Import Tax on Steel
In March, the US had increased import tax on steel and aluminum products imported from India. On 25% import tax on steel and aluminum products was made 10% India is a big exporter of these products. Increasing the duty was an additional burden of $ 24 million on Indian steel and aluminum producers. India exports US $ 1.5 billion of steel and aluminum products every year.
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India Exported more to the United States in 2019
Now the import duty on walnuts from the US has been increased from 30 to 120 percent. Similarly, the duty on kabuli Chana, Chana/Gram and lentil pulses has been reduced to 70 per cent, which is still 30 per cent. The fee will be 40% on other pulses. The Government has also dragged the US into the WTO Dispute Settlement Department in the matter of charging US high fees for aluminum and steel products. In the financial year 2017-18, India’s exports to the US were $ 47.9 billion, while imports were $ 26.7 billion. In this way the trade balance was in favor of India.
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