The imposition of higher customs duties on US products has been postponed by the Indian government for the second time. About 29 products, including almond, walnut and pulses, imported from the US would receive retaliatory tariffs from August 4. Later the deadline for these tariffs was extended to September 18 and has now been moved forward even further to November 2.
The retaliation was due to US President Donald Trump's decision to impose heavy tariffs on imported steel and aluminium. According to Times of India senior officials of India and the US are in discussion to finalise some form of trade deal. Both sides seem to desire an increase in trade for the short and medium term, while identifying long term trade potentials.
Meanwhile India seems keen on pressing for exemption from high duty imposed by the US on certain steel and aluminium products and the resumption of export benefits to certain domestic products under their generalised system of preferences (GSP).
The US is on the other side, demanding greater market access for its farm and manufacturing products, including medical devices.
Source: Times of India
