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In its attempt to avoid a tariff war with the US, India is planning to put off implementation of retaliatory import duties of $241 million against 29 products from the US by another month-and-a-half.
"The Department of Commerce has suggested to the Department of Revenue to amend the notification on retaliatory duty against the US and further extend the date of implementation by 45 days beyond August 4," a government official told Business Line.
The retaliatory duties have been proposed to neutralise the effect of the additional import duties of 25 per cent and 10 per cent imposed on Indian steel and aluminium respectively by the US citing national security concerns.
While India had notified higher duties on US imports on items including almonds, apples and certain steel products in June 20 this year, it had put off its implementation to August 4 as it was hoping to sort out the matter with the US in this time period.
"While the US Trade Representative's office had two rounds of dialogue with Indian officials, a compromise could not be reached. The government is now hoping that the issue can be resolved in the next 45 days," the official added.
Five World Trade Organisation members including the EU, China and Turkey, which are also at the receiving end of higher import duties on steel and aluminium by the US, have already imposed retaliatory duties against US goods.
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