Hindusthan Samachar
Banner 2 शनिवार, मार्च 23, 2019 | समय 02:47 Hrs(IST) Sonali Sonali Sonali Singh Bisht

India will not impose any retaliatory tariffs on US goods: Commerce Secretary

By HindusthanSamachar | Publish Date: Mar 5 2019 4:13PM
India will not impose any retaliatory tariffs on US goods: Commerce Secretary
New Delhi, Mar.5 (HS): India is not plnning to to impose any retaliatory tariffs on US goods. Commerce Secretary, Anup Wadhva has said today reacting on the US has withdrawn the preferencial tariff status of India. Wadhva has also said that India would have limited impact. It is worthwhile to mention here that US President Donald Trump is adamant to open a new front in his trade wars today with a plan to end preferential trade treatment for India (Generalized System of Preferences) that allows duty-free entry for $5.6 billion worth of the country''s exports to the United States. India does not plan to impose retaliatory tariffs on US goods, top trade commerce secretary, Anup Wadhawan said.Trump, who is hellbent to cut US trade deficits, has repeatedly called out India for its high tariffs, and US trade officials said scrapping the concessions would take at least 60 days after notifications to Congress and India. "I am taking this step because, after intensive engagement between the United States and the government of India, I have determined that India has not assured the United States that it will provide equitable and reasonable access to the markets of India," Trump said in a letter to congressional leaders. Anup Wadhawa said the withdrawal of the Generalised System of Preferences (GSP) for Indian products would have limited impact. The two countries had been working on a trade package to address each other''s concerns, he further said. It may be noted that India exports farm, marine and handicraft products to the United States. However, Ajay Sahai, director general of the Federation of Indian Export Organisations has said that Indian labour-intensive exports of agriculture, marine and handicraft products to the US would be hit hard. Sahai further said that India was the world''s largest beneficiary of the GSP program and ending its participation would be the strongest punitive action for India since Trump took office in 2017. The US Trade Representative''s Office said removing India from the GSP programme would not take effect for at least 60 days after the notifications, and would be done through a presidential proclamation. It is important to note that the preferential trade treatment brings "actual benefit" of just $250 million a year to India, however, a government source told in New Delhi, adding that it hoped the planned withdrawal would not lead to trade hurdles. That source also added that GSP being more symbolic of the strategic relationship, not in value terms. However, trade ties with the United States were hurt after India unveiled new rules on e-commerce limiting the way internet retail giants Amazon.com Inc and Walmart Inc-backed Flip-kart do business. The e-commerce rules followed a drive by New Delhi to force global card payments companies such as Master-card Inc and Visa Inc to move their data to India and higher tariffs on electronic products and smartphones. "Despite intensive engagement, India has failed to take the necessary steps to meet the GSP criterion." India''s top GSP exports to the United States in 2017 included motor vehicle parts, ferro alloys, precious metal jewellery, building stone, insulated cables and wires, said business grouping the Confederation of Indian Industry, which had lobbied against the withdrawal of preferential treatment. Meanwhile, the US Trade Representative''s Office said that the US goods and services trade deficit with India had been $27.3 billion in 2017. Hindusthan Samachar/Pramod \
लोकप्रिय खबरें
फोटो और वीडियो गैलरी
image