India to get $217 million additional revenue from retaliatory tariffs: Piyush Goyal

Economy


NEW DELHI: India will get additional $217 million of revenue from the retaliatory tariffs it imposed on 28 American products, commerce and industry minister Piyush Goyal said on Wednesday.

“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,” 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.

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“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 continuously engaged with US on this issue, as part of the ongoing bilateral trade dialogue. The US did not accede to India’s request for withdrawal of these duties.

With the retaliatory tariffs, maximum duty of $98.7 million will come from imports of almonds on which 17% additional duty is imposed followed by $24.5 million duty from 20% higher tax on diagnostic reagents.

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



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