US Commerce Secretary cautions India against retaliatory tariff action
Speaking at the 11th edition of Trade Winds Business Forum & Mission hosted by the US Department of Commerce, US Commerce Secretary Wilbur Ross has cautioned India against imposing any retaliatory tariffs on US exports. India announced plans to impose retaliatory tariffs on 29 US products including almonds, apples and phosphoric acid in June 2018, but has been postponing the decision so far. Similarly, even the US has not withdrawn GSP privileges for India on May 1, as it had threatened earlier.
Ross asserted that US technology and expertise can play a great role in India’s growth, but American companies face significant disadvantages due to India’s tariff and non-tariff barriers and multiple regulations. He mentioned that India is the world’s third largest economy but 13th largest export market for the US because of these barriers. Furthermore, Ross claimed that India’s average applied tariff of 13.8% is the highest for any major global economy.
More than a 100 US companies have sent their representatives on a business visit to India under Trade Winds, the US Department of Commerce’s annual trade mission programme. The delegation will also visit other cities including Ahmedabad, Chennai, Hyderabad, Mumbai, Bengaluru and Kolkata. They will also meet government leaders and market experts; apart from pre-vetted potential buyers, agents, distributors and JV partners.
Trade Winds has organised 10 similar international events in the past, and has facilitated new export business worth US$ 250 million for American companies.