Revenue gain of US$ 217 mn from retaliatory tariffs

According to Commerce & Industry Minister, Shri Piyush Goyal, India is likely to get additional US$ 217 million of revenue from the retaliatory tariffs it imposed on 28 American products. With the imposition of retaliatory tariffs, maximum duty of US$ 98.7 million will come from imports of almonds, on which 17% additional duty is imposed. This will be followed by US$ 24.5 million duty from 20% higher tax on diagnostic reagents.

Last year in March, the US imposed a global additional tariff of 25% and 10% on import of steel and aluminum products. In response, on 16^th June’19, the retaliatory tariffs on 28 products originating or exported from the US imposed by the Indian government came into effect.