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India takes action in advance to increase taxes on U.S. goods
- 2018/6/25 -

India takes action in advance to increase taxes on U.S. goods

 

In response to the US trade protection policy, India plans to impose tariffs on imports from the United States in advance.

According to the latest document published by the World Trade Organization, India has already planned to increase tariffs on goods worth US$241 million from 30 items imported from the United States.

Indian officials stated that the retaliatory tariffs introduced by India are similar to those previously imposed by the United States on steel and aluminum imported from India. In March of this year, the Trump administration imposed tariffs on imported steel and aluminum products from other countries.

The commodities that India has imposed on the United States this time include baban, nuts, apples, and other chemical products and steel products.

The Indian official also stated that it will impose tariffs on the big motorcycles imported from the United States. President Trump repeatedly emphasized that tariffs should be imposed on motorcycles imported from India.

According to the documents submitted by the Indian government to the World Trade Organization, on May 18, India expressed great dissatisfaction with the United States' tariffs on steel and aluminum.

India said last month that it proposed to impose tariffs on goods imported from the United States. This decision will take effect on June 21.

According to an official statement released by India, the Indian government’s decision to impose tariffs on imports from the United States has also left room for discussion.

The statement also stated: "India reserves the right to levy tariffs on specific commodities imported from the United States, and India has the right to impose tariffs on the U.S. imports."

According to a document published by the World Trade Organization, the value of steel and aluminum exported by India to the United States is around US$1.2 billion.

According to data released by U.S. trade representatives, the total value of goods and services exported to India by the United States in 2016 was 42 billion U.S. dollars. This means that India and U.S. trade will bring a total of 30.8 billion U.S. dollars to India in 2016.

In recent weeks, the U.S. trade relations with other trading partners have been rapidly tightened.

After Trump’s exemption from the expiry of the duty on steel and aluminum import duties, the three major trading partners of the United States, the European Union, Mexico, and Canada all resorted to trade retaliatory measures against the United States.

The fact that countries have raised trade tariffs has exacerbated the market’s worries about the trade war. However, this war is doomed to be without winners. However, the countries that have suffered the most are the consumers, companies and the global economy.