Wait...
  1. Home >
  2. Export Import News >
  3. Import News >
  4. Explained: India becomes Trump’s latest trade target >
  5. Explained: India becomes Trump’s latest trade target

Online Export Import Data Search

Complete Training Video : Click Here

Explained: India becomes Trump’s latest trade target.


Date: 09-03-2019
Subject: Explained: India becomes Trump’s latest trade target
US president Donald Trump has announced plans to withdraw the tariff concessions available to India under the Generalized System of Preferences (GSP) that allows $5.6 billion worth of Indian exports to enter the US - duty free. So what does this means for both the countries and their trade relations?

President Trump says that India is not providing reasonable access to its markets and he has repeatedly called out India for its high tariffs in the past. Under GSP, as many as 1,900 Indian products from sectors such as chemicals and engineering equipment, leather, textiles, gold, building materials, dairy items, get duty free access to the US market

According to President Trump, trading partners are taking advantage of the US and this needs to be fixed. This is also the prime reason for the current trade tensions between the US and China, so India is no different. India is the world's largest beneficiary of the GSP programme and ending its participation could be seen as the strongest punitive action against India since Trump took office in 2017.

According to the USA, higher tariffs on exports under GSP will kick in after 60 days after notifications are sent to Congress and the Indian government.

But the Indian government believes this will have a limited impact. Commerce Secretary Anup Wadhawan said that it will not have a significant impact on India's exports to the US. The Federation of Indian Export Organisations is also of the same opinion. The tariff impact will be to the tune of $190 million annually for India. Some experts believe, the goods exported through GSP also included items produced by small and medium enterprises, so it could affect employment in the sector.

So what does the US want and what will India next?

The US wants lower duties on its exports to India, including a zero duty on Harley Davidson motorcycles. It wants prices caps on medical devices such as stents and knee implants to be removed. The USA also wants India to remove barriers on imports of dairy products.

On a further course of action, the commerce secretary has said issues remained open for discussion in the future as nothing goes off the table. He has also for now rejected the need for any knee-jerk reactions and retaliatory actions. Experts suggest that India also has an option to approach the WTO dispute body, to deal with the US decision. However, bilateral talks would be ideal to resolve issues.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 11-10-2019
No. 04/2019- Customs
Clarification regarding inclusion of cesses, surcharge, duties, etc. levied and collected under legislations other than Customs Act, 1962, Customs Tariff Act, 1975 or Central Excise Act, 1944 in Brand Rate of duty drawback

Date: 11-10-2019
Notification No. 23/2015-2020
Amendment in Import Policy Condition of Urea under Exim Code 31021000 in the ITC (HS) 2017, Schedule-I (Import Policy)- regd.

Date: 11-10-2019
Notification No. 24/2015-2020
Amendment in import policy of Indian National Flag.

Date: 09-10-2019
Notification No. 73 /2019-Customs (N.T.)
Notification to amend Courier Regulations 1998 -reg

Date: 09-10-2019
Notification No. 74 /2019-Customs (N.T.)
Notification to amend Courier Regulations 2010 -reg

Date: 09-10-2019
Notification No. 44/2019 – Central Tax
Seeks to prescribe the due date for furnishing of return in FORM GSTR-3B for the months of October, 2019 to March, 2020.

Date: 09-10-2019
Notification No. 45/2019 – Central Tax
Seeks to prescribe the due date for furnishing FORM GSTR-1 for registered persons having aggregate turnover of up to 1.5 crore rupees for the quarters from October, 2019 to March, 2020.

Date: 09-10-2019
Notification No. 46/2019 – Central Tax
Seeks to prescribe the due date for furnishing of return in FORM GSTR-1 for registered persons having aggregate turnover more than 1.5 crore rupees for the months of October, 2019 to March, 2020.

Date: 09-10-2019
Notification No. 47/2019 – Central Tax
Seeks to make filing of annual return under section 44 (1) of CGST Act for F.Y. 2017-18 and 2018-19 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.

Date: 09-10-2019
Notification No. 48/2019 – Central Tax
Seeks to amend notification No. 41/2019 – Central Tax, dated the 31st August, 2019.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001