India, yet again, reportedly extended the retaliatory tariffs deadline on 29 US products till April 1, as on Tuesday, February 26. According to the report, the commerce ministry asked its finance counterpart to defer the implementation of duties, as discussions for a proposed trade package is still going on between India and the US.
A notification said that implementation of increased customs duty on specified imports originating in USA has been postponed from March 2, 2019 to April 1, 2019.
This is the sixth time that India has deferred the retaliatory tariffs deadline on US products, including almond, walnut, and pulses. June 2018 was the first time when India had decided to impose tariffs in response to the United States’ additional duties on certain aluminium and steel products.
Senior officials of India and the US are in discussions to finalise a kind of trade package. Both sides are holding two track discussions – to increase trade in short and medium term, and identify long-term trade potentials.
India is pressing for exemption from aluminium and steel tariffs, for resumption of export benefits to certain domestic products under their generalised system of preferences (GSP), and for greater market access for its products from agriculture, automobile, automobile components, and engineering sectors.
The US, on the other hand, is also demanding greater market access through cut in import duties for its agriculture goods, dairy products, medical devices, IT and communication items.
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