One more decision of india and reciprocal tariff can end!
Union Commerce minister Piyush Goyal is on a visit to America these days. His visit is considered very important at a time when donald trump has announced to impose reciprocal tariff on India. In fact, while addressing the joint session of the US parliament (Congress), US President donald trump said that if india charges more than 100 percent tariff from us, then we are also going to do the same from next month. Apart from this, he also said that reciprocal tariff will be applicable on all, whether friend or foe. In such a situation, the question arises whether india can handle this situation before april 2 and convince the donald trump government not to impose reciprocal tariff on India.
On which American products does india impose the highest tariff?
india has imposed high tariff on some products imported from America, but in recent years tariff has been reduced on many products. Here is a list of some products that were earlier subject to high tariffs but were later reduced by India.
Bourbon whiskey: First reduced from 150 per cent to 100 per cent and then to 70 per cent.
High-end motorcycles: First reduced from 50 per cent to 30 per cent.
Luxury cars: First reduced from 125 per cent to 100 per cent and then to 70 per cent.
US President donald trump said in his speech that india imposes high tariffs on US products in the auto sector, which sometimes exceed 100 per cent. However, as of now, no US product is subject to tariffs above 100 per cent. india has reduced tariffs on many products to avoid reciprocal tariffs.
How much tariff does the US impose?
The US imposes tariffs at varying rates on products imported from india, but these rates are generally low. US tariff rates on India's major exports such as industrial machinery, diamonds and jewellery, pharmaceuticals, fuel, iron and steel, clothes, vehicles and chemicals usually range between 2.72 percent and 3.83 percent. But now, i.e. from april 2, tariffs on all these things may increase.
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