Annie Gowen | The Washington Post
NEW DELHI – India joined the European Union and other U.S. trading partners in retaliating against the Trump administration’s tariff hikes on steel and aluminum Thursday by raising import duties on a variety of goods, including almonds, apples and some metal products.
India had notified the World Trade Organization on June 14 of its decision to increase tariffs on more than two dozen goods from the United States. It is a $241 million measure that matches the amount of steel and aluminum import duty expected to be collected from India by the United States after the Trump administration imposed the measures earlier this year. More than a third of that number comes from almonds, as India is the world’s biggest buyer of U.S.-grown almonds.
India finalized its decision during a week when the global trade war escalated, with the United States enacting $50 billion in tariffs on Chinese goods, and the European Union imposing $3 billion in levies on such products as U.S.-made bourbon, peanut butter and Harley-Davidson motorcycles. Trump has erroneously called out India for its “100 percent” tariffs on Harleys; in fact India lowered its tariffs on high-end motorcycles from a range of 60-70 percent to 50 percent. The new tariffs will go into affect Aug. 4.
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Economists noted that the amount of money involved with India’s levies dwarfed in comparison with that of China – U.S.-India trade was $126 billion last year, while U.S.-China trade was $635 billion – but that the gesture had important symbolism and could forecast further strain between the two friendly democracies at time when its diplomats are working to deepen military ties.
With its move, …read more
Source:: The Mercury News – Nation, World