India will inflict retaliatory tariffs on 29 U.S. items including almonds, walnuts, and pulses from June 16, after extending the deadline for doing the same several times, government sources said Friday.
India has informed the U.S. about its decision to go ahead with the retaliatory tariffs, the sources said. The finance ministry will soon issue a notification to this effect, they added.
The retaliatory tariffs are estimated to earn India 217 million dollars in additional revenue.
On June 21, 2018, India decided to impose retaliatory tariffs on U.S. imports after the Donald Trump administration decided to significantly hike customs duties on certain steel and aluminum products. As India is one of the major exporters of these items to the U.S., the decision resulted in a 240 million dollars revenue loss for the domestic industry.
The GSP withdrawal came into effect on June 5 this year. It impacts goods worth $5.5 billion from India to the U.S.
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