30 US Imports to see Retaliatory Tariffs by India on August 4th

Pending a visit from Mark Linscott, Assistant United States Trade Representative (USTR), in the last week of this month, India has delayed imposing tariffs on the import of US goods, in retaliation to tariffs that the US has imposed on Indian imports. Following an earlier announcement of the potential imposition of tariffs on 30 goods coming from the US, totalling approximately 240 million dollars in value, it was confirmed that failing any headway being made by the USTR during his visit, that the tariffs as planned would be imposed beginning the 4th of August, 2018. India has notified the World Trade Organization (WTO) of this decision as of last week.

 

Originally, the list of items to be part of tariffs was about 20 items in number, with an estimated value of roughly 166 million dollars. However, continued impasse on the issue of tariffs on Indian goods saw the list being increased to include 10 more items, with a slight difference in the rate of tariff to be imposed on different items.

 

The European Commission issued a statement saying that as of Friday, the 22nd of June, 2018, it would impose a 25% import duty on a variety of US goods being imported by the continental association of nations, also a move to retaliate against US tariffs on European steel and aluminium. Earlier this month, a G7 summit aimed at addressing this issue was held in Canada, where the leaders of the six other nations urged the President of the United States, Donald Trump, to revoke tariffs that his government had imposed on their exports to his country. However, he did not budge on his earlier position and the resulting retaliation has been something that, while expected, was hoped to not have to be the measure to be adopted.

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