India may raise import duties on $56bn worth of goods from China, elsewhere. US wants India to buy $5-6bn worth of American goods to seal trade pact.
With China...: India is reportedly planning to increase import duties on $56bn worth of imports from China and elsewhere. More than 50 items will be affected, including electronics, electrical goods, chemicals and handicrafts. The increase in tariffs is likely to be about 5%-10% and the move is apparently aimed at curbing “imports of non-essential items”, according to government officials. Details could be disclosed by the Finance Minister when she unveils the Union Budget on February 1st. BS
...And With the US: As per a Reuters report, the United States wants India to buy at least $5-6bn worth of American farm goods if a trade pact between the two countries is to be signed.
Last year, after Washington removed India from its Generalised System of Preferences (GSP) programme that allowed zero tariffs, New Delhi retaliated by slapping higher tariffs on more than two dozen US products. Now, after hectic negotiations, a wide trade deal appears to be on the table, although an agreement remains elusive.
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