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Saturday 19 October 2019
Economy Customs duty hiked on 28 American products

Customs duty hiked on 28 American products

Amending its 30 June 2017 notification, the CBIC it would implement the imposition of retaliatory duties on 28 specified goods originating in or exported from the US

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New Delhi: As many as 28 products from the United States, including almond, pulses and walnut, will attract higher customs duties from Sunday onwards, according to a government notification.

The move will hurt American exporters of these 28 items as they will have to pay higher duties, making those items costlier in the Indian market.

Amending its 30 June 2017 notification, the Central Board of Indirect Taxes and Customs (CBIC) said Saturday’s notification will “implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA and preserving the existing MFN rate for all these goods for all countries other than USA”.

Earlier, the list included 29 goods in the list of commodities, the customs duties on which were to be raised, but India has removed artemia, a kind of shrimp, from the list.

customsIndia would get about $ 217 million in additional revenue from such imports.

The government had on 21 June 2018, decided to impose these duties in retaliation to the US decision of significantly hiking customs duties on certain steel and aluminium products.

Also, United States President Donald Trump terminated India’s designation as a beneficiary developing nation from 5 June, ending the country’s $ 5.6 billion trade concessions under the key GSP programme after determining that it has not assured the US that it will provide “equitable and reasonable access” to its markets.

That stood in stark contrast to the Treasury Department’s recent decision to take India (along with Switzerland) off the list of currency monitoring.

India and the United States are, at present, playing a blow-hot-blow-cold game as the two countries, on the one hand, feel the need to regain the balance in the Indo-Pacific region where China flexes its military muscles and, on the other, the Trump administration looks at India as one of the countries with which the US suffers a trade imbalance. On the economic front, therefore, the US ‘punishes’ India off and on. India retaliates, but the situation is never allowed to aggravate.

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