India to impose retaliatory tariff on 29 us items from 16 june
India to impose retaliatory tariff on 29 us items from 16 june"
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While import duty on walnut has been hiked to 120 percent from 30 percent, duty on chickpeas, Bengal gram (chana) and masur dal will be raised to 70 percent, from 30 percent currently. Levy
on lentils will be increased to 40 percent. The duty on boric acid and binders for foundry moulds would be hiked to 7.5 percent, while that on domestic reagents will be increased to 10
percent. Duty on artemia, a kind of shrimp, will be hiked to 15 percent. The other products on which duties will be hiked include certain kind of nuts, iron and steel products, apples,
pears, flat rolled products of stainless steel, other alloy steel, tube and pipe fittings, and screws, bolts and rivets. India has also dragged the US to the World Trade Organisation's
(WTO) dispute settlement mechanism over the imposition of import duties on steel and aluminium. India exports steel and aluminium products worth about USD 1.5 billion to the US every year.
India's exports to the US in 2017-18 stood at USD 47.9 billion, while imports were at USD 26.7 billion. The trade balance is in favour of India.
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