India and EU plan to increase import duties on US products
India and the European Union have told the World Trade Organization that they have planned to raise import duties on certain US products next month.fsk vapor barrier The move is in retaliation to Donald Trump’s decision to impose tariff on aluminium and steel.
Trump’s import duty has affected India’s aluminium export by $31 million and steel export by 134 million. India would levy counter tariffs on US imported products including peas, chickpeas, fresh apple, walnut, soybean oil, refined palmolein, coco powder, chocolate products, golf car and motor cycle among others. India said its proposed tariffs would come into effect by June 21, unless and until the United States removed its tariffs.
The EU said Trump’s steel tariffs could cost $1.5 billion and aluminium tariffs a further $100 million. The EU may target US items like rice, cranberries, bourbon, corn, peanut butter, and steel products for retaliation. The EU said retaliation could be applied from June 20.
In March, Trump signed two proclamations that levied a 10 per cent tariff on aluminium and a 25 per cent tariff on steel imported from all countries except Canada and Mexico.