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India to impose retaliatory tariffs on 28 U.S. goods from Sunday

Stock MarketsJun 15, 2019 10:25PM ET
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© Reuters. FILE PHOTO: Man holds the flags while people take part in the 35th India Day Parade in New York

By Nidhi Verma and Neha Dasgupta

NEW DELHI (Reuters) - India will impose higher retaliatory tariffs on 28 U.S. products including almonds, apples and walnuts from Sunday, following Washington's withdrawal of key trade privileges for New Delhi.

The new duties take effect from Sunday, a government notification said, in the latest trade row since U.S. President Donald Trump took office in 2017 vowing to act against countries with which Washington has a large trade deficit.

From June 5, President Trump scrapped trade privileges under the Generalized System of Preferences (GSP) for India, the biggest beneficiary of a scheme that allowed duty-free exports of up to $5.6 billion.

India termed that "unfortunate" and vowed to uphold its national interests.

Reuters previously reported India was preparing to levy higher tariffs ahead of Prime Minister Narendra Modi's first meeting with Trump on the sidelines of a G20 summit in Japan on June 28 and 29.

India initially issued an order in June last year to raise import taxes as high as 120% on a slew of U.S. items, incensed by Washington's refusal to exempt it from higher steel and aluminum tariffs.

But New Delhi repeatedly delayed raising tariffs as the two nations engaged in trade talks. Trade between them stood at about $142.1 billion in 2018.

India on Saturday amended its previous order "to implement the imposition of retaliatory duties on 28 specified goods originating in or exported from USA" while preserving the existing rate for these goods for all other countries, the government notification said.

Higher Indian tariffs on U.S. goods could impact growing political and security ties between the two nations.

U.S. Secretary of State Mike Pompeo, who is expected to visit India this month, said this week the United States was open to dialogue to resolve trade differences with India, through greater access for American companies to its markets.

India is by far the largest buyer of U.S. almonds, paying $543 million for more than half of U.S. almond exports in 2018, U.S. Department of Agriculture data shows. It is the second largest buyer of U.S. apples, taking $156 million worth in 2018.

New Delhi's new rules in areas such as e-commerce and data localization have already angered the United States and hit companies such as Amazon.com (NASDAQ:AMZN), Walmart (NYSE:WMT) Inc, Mastercard (NYSE:MA) and Visa (NYSE:V), among others.

India to impose retaliatory tariffs on 28 U.S. goods from Sunday
 

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Comments (17)
Taylor Jason
Taylor Jason Jun 17, 2019 8:36AM ET
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In 10 to 15 years India's over pollution and overpopulation problems will reach crises levels and they will run short on clean water. Maybe then the US will return the favor and place 120% tariffs on clean water once it becomes a commodity in the not so distant future
Wei Shiaw
Wei Shiaw Jun 16, 2019 10:22PM ET
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Well done by India Gov. You Nvr try Nvr know.
dakshay desai
dakshay desai Jun 16, 2019 8:52PM ET
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Great decision.. Trump feels he's only 1 who can dominate.. It should be fair trade for all and not everything for USA.. Even hurting USA businesses.. Better open market policy..
Grady Tennandez
Grady Tennandez Jun 16, 2019 8:42AM ET
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In the future, US will be no longer as a number one of biggest economic country in the world. Believe me.
Bill Chan
Bill Chan Jun 16, 2019 2:13AM ET
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Good… 3P fights!
bomz bomzov
bomz bomzov Jun 16, 2019 12:40AM ET
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looks like USA is nut and soybeans republic
bomz bomzov
bomz bomzov Jun 16, 2019 12:34AM ET
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billion Hindu have fired
Jeff Gann
Jeff Gann Jun 16, 2019 12:20AM ET
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we'll just sell them to the person that they have to by them from so there still going to pay more either way he's just trying to include himself in a *****measuring contest .
Neetesh Jain
Neetesh Jain Jun 16, 2019 12:04AM ET
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No world war-3, but trade war-1 started
NYSE NASDAQ
NYSE NASDAQ Jun 16, 2019 12:04AM ET
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or bomz vs oligarch
Chris Yeo
Chris Yeo Jun 15, 2019 11:52PM ET
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Reutuers - this is not a case of retaliatory tariffs. Concessions/privileges were withdrawn. It is not a right. This is a case of unwarranted tariffs.
bomz bomzov
bomz bomzov Jun 15, 2019 11:52PM ET
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India buys weapons from Russia, poses a threat to Pakistan a US ally in the Middle East.
Lynn McCord
the907man Jun 15, 2019 11:45PM ET
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India has only themselves to blame for this. GSP privileges are not a right. They are a privilege. If India were concerned about this privilege, maybe they should have been more fair to American companies doing business in India. Oh well, live and learn...
prapancha muduru
prapancha muduru Jun 15, 2019 11:45PM ET
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It already let Walmart, Amazon..etc ..what else u need??
Lucas Kang
Lucas Kang Jun 15, 2019 10:39PM ET
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another trade war coming in?hmmm....
bomz bomzov
bomz bomzov Jun 15, 2019 10:39PM ET
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war is liberal hysteria. another leech fell off
Matthew NT
MatthewBT Jun 15, 2019 10:12PM ET
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Well, Trump arrogantly & recklessly got USA into fights with the rest of the world. American public is the one bearing the brunt, paying much higher for goods because of Trump's tariff. Trump is shafting American public for his obsession to get the "great" deal to sell for Trump's reelection.
bomz bomzov
bomz bomzov Jun 15, 2019 10:12PM ET
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America is a free country. no one bothers to transfer your salary to the aid of india
Ravjir Urjinee
Ravjir Urjinee Jun 15, 2019 10:12PM ET
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Is anyone understands tariffs. You just have to pay more for indian products, its not an aid to India. You cannot have Tariffs and Income tax at the same time. Its Unconstitutional. Its a bouble and tripple Taxation!
Tyler Phillis
Tyler Phillis Jun 15, 2019 4:27PM ET
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Trade deficits do not matter and have never led to the decline or destruction of an economy. The only thing that can destroy an economy and the only thing that should be of concern is government budget deficits!
Al Vlaj
alvlaj Jun 15, 2019 4:27PM ET
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Yes! So true. In fact, one could argue is that a large trade deficit is a result of having such a strong consumer-led economy.
Manish Manish
Manish Manish Jun 15, 2019 3:10PM ET
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Both US and Indian Govt decision will hurt consumers not politicians and businesses in long run.
David David
David9 Jun 15, 2019 2:14PM ET
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I told you guys ... India and China will fight back strongly.
Jason Patcher
Jason Patcher Jun 15, 2019 2:14PM ET
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the US is a lot stronger than Tibetan monks
Andrew Hook
Andrew Hook Jun 15, 2019 2:14PM ET
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David even Turkey said to group 2 go 2 F himself because they choose Russian military equipment instead of US one. lol
Andrew Hook
Andrew Hook Jun 15, 2019 2:14PM ET
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* too tromp
bomz bomzov
bomz bomzov Jun 15, 2019 2:14PM ET
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good luck
Nana Khadse
Nana Khadse Jun 15, 2019 1:12PM ET
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A step in right direction, United States should understand that India is the largest customer base for American giants like amazon, google, Apple, facebook
Efrahim vicent
Efrahim vicent Jun 15, 2019 1:12PM ET
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So when the USA decide to eliminate India WTO trade privilege they reacted as if it's trade war and India still has huge tariff to protect it's local industries
 
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