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In a retaliatory move, India has decided to suspend concessions on 30 products originating from the United States. These 30 products constitute of premium bikes as well in addition to other things. Customs duty on motorcycles with engine capacity over 800 cc will be raised up to 50 per cent i.e. bikes from Indian, Harley Davidson etc may get pricier.
The move is stated to be retaliatory because US also imposed higher duties on Indian Steel and Aluminium exports. In March, the US imposed 25 percent duty on certain steel products and 10 percent on aluminium products, which will help the US collect 241 million dollars of duty.
India in a letter to the World Trade Organisation (WTO) stated that the suspended concessions are substantially equivalent to the amount of trade affected by the measures imposed by the United States. India expects around US dollars 238.09 million of duty to be collected through the measure imposed on the US.
India has also stated that, “This notification is made in connection with safeguard measures imposed by the United States of America on imports of certain aluminium and steel articles.”
This move in all probability will nullify the effects of the reduction in duty that was implemented by India a few months ago. Check out the news here.
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The move is stated to be retaliatory because US also imposed higher duties on Indian Steel and Aluminium exports. In March, the US imposed 25 percent duty on certain steel products and 10 percent on aluminium products, which will help the US collect 241 million dollars of duty.
India in a letter to the World Trade Organisation (WTO) stated that the suspended concessions are substantially equivalent to the amount of trade affected by the measures imposed by the United States. India expects around US dollars 238.09 million of duty to be collected through the measure imposed on the US.
India has also stated that, “This notification is made in connection with safeguard measures imposed by the United States of America on imports of certain aluminium and steel articles.”
This move in all probability will nullify the effects of the reduction in duty that was implemented by India a few months ago. Check out the news here.
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