The US plans to impose new tariffs on India. This may hit the county’s growth prospects, experts say.
Trump’s tariff blow; an extra 12.5% on imports. The US has proposed major trade actions against 60 countries and economies, including India. The US Trade Representative (USTR) says that these countries have not implemented effective restrictions on imports of goods allegedly made with forced labor.
These restrictions have come to the fore when ongoing negotiations are underway between India and the US to finalize a bilateral trade agreement.
In a statement issued on Tuesday, the Office of the US Trade Representative (USTR) stated that following an investigation under Section 301 of the US Trade Act of 1974 concluded that the policies and practices of 60 economies are adversely affecting US trade. Countries like Australia, Bahrain, Bangladesh, China, India, Japan, Kuwait, Saudi Arabia, Singapore, UK and United Arab Emirates are also included in this list.
Based on the findings of the investigation, the USTR has proposed to impose an additional 10 percent tariff on countries that have implemented restrictions on products made from forced labor or have committed to do so. At the same time, it is proposed to impose an additional duty of up to 12.5 percent on other countries. Apart from this, a separate regime has also been proposed for certain imports related to the textile and apparel sector.
ALSO READ: ₹1 Crore Goal: Monthly SIP Required Over 5, 10, 15 and 20 Years Explained
