The Ministry of Finance of India released a bulletin in the evening of June 15 local time and announced to add tariff for 28 American products.

Several Indian media including The Times of India reported that the Indian Government added retaliatory tariff against 28 American products to fight back the decision made by America to end GSP status of India.

As reported, the list of products with additional tariff announced by the Ministry of Finance of India contains 28 American products including almonds, beans and walnuts, and deletes a kind of shrimp product included earlier. The Time of India quoted an insider of the Indian Government that the added tariff rate may reach 120% the maximum. Reuters quoted an anonymous Indian Official that the value of American goods affected is approximately USD 220 Million.

As reported by Indian and American media, the US Government added tariff against steel and aluminum products of India worth of about USD 241 Million. The Indian Government decided last June to add tariff against American agricultural products and iron and steel products and formulate a list. Then, it delayed to add tariff subsequently for several times, and wished to negotiate with the US side.

While the US Government announced to cancel the GSP treatment offered to India at the excuse of “India failed to guarantee to provide fair and reasonable market access to America”. Recently, US Department of Commerce described openly India as a “high tariff market” and urged Narenda Modi government to strengthen reform. For that, India expressed regret about US’s cancelling its GSP treatment, and said it will “always maintain national benefits” for such issue.

According to official statistics of India and USA, the bilateral trade volume of two countries in 2018 is USD 142.1 billion. India is the largest importer of almonds and the second largest buyer of apples from America.