Revenue gain of US$ 217 mn from retaliatory tariffs
According to Commerce & Industry Minister, Shri Piyush Goyal, India is likely to get additional US$ 217 million of revenue from the retaliatory tariffs it imposed on 28 American products. With the imposition of retaliatory tariffs, maximum duty of US$ 98.7 million will come from imports of almonds, on which 17% additional duty is imposed. This will be followed by US$ 24.5 million duty from 20% higher tax on diagnostic reagents.
Last year in March, the US imposed a global additional tariff of 25% and 10% on import of steel and aluminum products. In response, on 16th June’19, the retaliatory tariffs on 28 products originating or exported from the US imposed by the Indian government came into effect.
