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India likely to pull back the tariff hike on US products if differences over tariffs sorted out

India may withdraw the notification imposing extra duties on 29 US products, to be enforced from August 4, if both the sides are able to sort out the differences over tariffs, official sources said.

India is pressing for exemption from high duty imposed by the US on certain Steel and Aluminium products, resumption of export benefits to certain domestic products under their Generalised System of Preferences (GSP), greater market access for its products from sectors, including Agriculture, automobile, auto components and engineering.

As many as 3,500 Indian products from sectors such as chemicals and engineering get duty free access to the US market under the GSP, introduced in 1976. On the other hand, the US is demanding greater market access for its agri and manufacturing products.

These issues were discussed during the three-day meeting between senior officials of both the countries. It has been decided that another official level meeting will be held next month in the US.

A delegation will visit anytime after the mid of next month to finalise the final list of identified products on which a certain kind of announcement would be made by political leaders of both the sides.

 

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