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6/14, 12:05 PM (Source: TeleTrader)
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India to impose tariffs on US imports next week - report

India has decided to impose tariffs on 29 American products after the United States decided to revoke its preferential trade status, local media reported on Friday.

The tariffs are expected to be introduced next week and will target goods including almonds, walnuts and apples, an unnamed source said. India first announced its intention to impose duties on 30 American products worth $240 million a year ago in response to the steel and aluminum tariffs imposed by the US. However, the country has postponed the introduction on tariffs several times since the initial announcement with the current extension expiring on June 16.

Earlier this month, the US ended India’s status as a beneficiary developing country citing its failure to assure Washington it will "provide equitable and reasonable access to its markets." In response to the US announcement, the Indian Commerce Ministry insisted it will continue to build strong ties with Washington despite the decision.

Breaking the News / NP