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6/16/2019, 11:30 AM (Source: TeleTrader)
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India to receive over $217M from new US tariffs

India will receive approximately $217 million in additional income from the newly imposed tariffs on 28 imported American goods, local media reported on Sunday. The measures were introduced as a response to Washington's decision to revoke preferential trade status for the South Asian country earlier this month.

Earlier, the Indian authorities noted that the import duties will be hiked on several products, including a 60% surge on chickpeas and a rise of up to 30% on lentils. The measures, which went into effect today, also target products such as almonds, walnuts, and apples.

A year ago, India signaled it will raise tariff rates on $240 million worth of US products to as high as 120% as a response to Washington's metal levies, but the plan has been postponed a number of times, in hopes that the negotiations would end successfully.

Breaking the News / VK