Amid mounting tensions between US and mnay other countries because of trade disputes, Indian government decided to impose tariffs on 28 US products including chickpeas, phosphoric acid, apples, almonds and walnuts, following Washington’s withdrawal of key trade privileges for New Delhi.
The latest move, which got into effect today, would secure about $217 million in additional revenues for the government.
A press release by Indian government read: “it is necessary in the public interest” to impose the higher tariffs.
Statistical figures reveal that US-India bilateral trade was worth $142bn in 2018, a sevenfold increase since 2001.
The Indian deceision comes following President Donald Trump’s decree on June 1 to end trade concessions on $5.7 billion of goods India shipped to the U.S. as of 2017. These include imitation jewelry, leather products, pharmaceuticals, chemical and plastics and some farm items.
U.S. Secretary of State Mike Pompeo, who is expected to visit India this month, said this week the United States was open to dialogue to resolve trade differences with India, through greater access for American companies to its markets.
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