Govt expected to postpone deadline for imposition of higher import duties on 29 US products by 45 days

The government, for the third time, is expected to postpone the deadline for the imposition of higher customs duties on US products, including almond, walnut and pulses

Press Trust of India October 30, 2018 14:59:12 IST
Govt expected to postpone deadline for imposition of higher import duties on 29 US products by 45 days

New Delhi: The government, for the third time, is expected to postpone the deadline for the imposition of higher customs duties on 29 US products, including almond, walnut and pulses, by another 45 days, an official said.

The commerce ministry has asked its finance counterpart to extend the deadline for the rollout of duty hike further and a notification in this regard will be issued soon, the official added.

In June, India decided to impose retaliatory tariffs from 4 August. But it was extended by another 45 days till 18 September and then till 2 November.

Govt expected to postpone deadline for imposition of higher import duties on 29 US products by 45 days

Representational image. Reuters.

The duty hike move by India was in retaliation to US President Donald Trump's 9 March decision to impose heavy tariffs on imported steel and aluminium items.

Senior officials of India and the US are in discussions to finalise a kind of trade deal. Both the sides holding two track discussions -- to increase trade in short and medium term, and identify long term trade potentials.

India is pressing for exemption from high duty imposed by the US on certain steel and aluminium products, resumption of export benefits to certain domestic products under their generalised system of preferences (GSP), greater market access for its products from sectors, including agriculture, automobile, auto components and engineering.

As many as 3,500 Indian products from sectors such as chemicals and engineering get duty-free access to the US market under the GSP, introduced in 1976.

On the other hand, the US is demanding greater market access for its farm and manufacturing products, including medical devices.

As part of imposition of higher import duties, New Delhi has notified higher tariffs on several products. While import duty on walnut is to be hiked to 120 per cent from 30 per cent, duty on chickpeas, Bengal gram (chana) and masur dal will be hiked to 70 per cent from 30 per cent. Levy on lentils will be hiked to 40 per cent from 30 per cent.

Other products which would attract higher duties include boric acid, phosphoric acid, diagnostic reagent, flat rolled products of iron, certain flat rolled products of stainless steel.

India's exports to the US in 2017-18 stood at USD 47.9 billion, while imports were USD 26.7 billion. The trade balance is in favour of India.

Updated Date:

also read

Diplomacy on a Platter: How Bidens plan to welcome France's Emmanuel Macron to the White House
World

Diplomacy on a Platter: How Bidens plan to welcome France's Emmanuel Macron to the White House

US President Joe Biden and First Lady Jill Biden are pulling out all stops for their red-white-and-blue themed White House state dinner for France's Emmanuel Macron and wife Brigitte. The menu includes butter-poached Maine lobster, beef with shallot marmalade and an American cheese trio

Explained: A brief but dark history of Black Friday
Explainers

Explained: A brief but dark history of Black Friday

The origin of Black Friday is shrouded in negativity. The phrase was used in 1869 after plummeting gold prices caused a market crash. More than 90 years later, the Philadelphia police used it to describe the shopping chaos that led to a traffic nightmare

WATCH: India, US conduct Yudh Abhyas 2022 close to China border
World

WATCH: India, US conduct Yudh Abhyas 2022 close to China border

Last year, the 2021 edition of the India-US joint military exercise took place at the Joint Base Elmdorf Richardson in Alaska. In the 18th edition of Yudh Abhyas, US Army personnel from the 2nd Brigade of the 11th Airborne Division and Indian Army personnel from the Assam Regiment are participating