India to get $217 million extra income from retaliatory tariffs

India will get extra US$ 217 million of income from the retaliatory taxes it forced on 28 US products.

“The retaliatory tariffs are expected to have an additional impact in terms of duty incidence of about $217 million (approximately) on these 28 products imported from US,” Minister for Commerce & Industry and Railways, Mr Piyush Goyal said in a written reply in the Lok Sabha.

The US imposed a global additional tariff of 25% and 10% on import of steel and aluminum products in March last year.

“In response, the government of India has imposed retaliatory tariffs on 28 products originating or exported from the US with effect from 16th June,“ Goyal said.

India has been persistently engaged with US on this issue, as a component of the ongoing respective exchange discourse. The US didn't consent to India's request for withdrawal of these duties.

With the retaliatory tariff, maximum obligation of $98.7 million will come from imports of almonds on which 17% additional obligation is forced trailed by $24.5 million obligation from 20% higher tax on diagnostic reagents.

Besides almonds and diagnostic reagents, India imports apple, Phosphoric acid and binders for foundry moulds from the list of 28 US products on which it has raised tariffs.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.