India Plans To Get $217 Mln Additional Revenue From Higher Tariffs On US Goods - Reports

NEW DELHI (UrduPoint News / Sputnik - 16th June, 2019) India plans to receive about $217 million of additional revenue from a hike in customs duties on as many as 28 US products that was announced in retaliation against Washington's tariffs on imported steel and aluminum, media reported on Sunday.

According to NDTV broadcaster, the increased customs duties came into effect on Sunday.

The United States imposed 25 percent and 10 percent tariffs on imported steel and aluminum, respectively, in March 2018. India immediately condemned the move since the country is one of the largest steel producers in the world.

India's retaliatory duties were initially announced last June, but the government postponed their introduction for six times in view of the trade dialogue between the two countries.

Earlier this week, reports emerged that the higher tariffs would be imposed on 29 US goods, but, according to the broadcaster, artemia, a kind of shrimp, was removed from the list.

The higher tariffs will, in particular, target US walnuts, chickpeas, lentils, boric acid and diagnostic reagents, among other goods. The highest among them will be the 60 percent duty on chickpeas.