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India to impose retaliatory tariff on 29 US products

India to impose retaliatory tariff on 29 US products

India is preparing to impose higher tariffs on some U.S. goods including almonds, walnuts and apples next week after a delay of about a year, following USA's withdrawal of key trade privileges for India. India will impose tariffs on 29 items.

From June 5, President Donald Trump scrapped trade privileges under the Generalized System of Preferences (GSP) for India, the biggest beneficiary of a scheme that allowed duty-free exports of up to $5.6 billion from the country.

India is by far the largest buyer of U.S. almonds, paying $543 million for more than half of U.S. almond exports in 2018. It is the second largest buyer of U.S. apples, taking $156 million worth in 2018.

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