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Modi visited the US on 14 February. He met Trump at the White House. (File photo)
US President Donald Trump has announced to impose a recipe (eg Ko Tit) tax on India from 2 April. The team of US Assistant Trade Representative Brendon Lynch is talking to the central government in New Delhi these days to decide which product of tax will be on the tax rate.
The US team will remain till 29 March. According to sources, on the first day on Tuesday, both teams were strongly negotiated on tariffs on political-physically important issues.
Lynch asked to make a big cut in the import tariffs being imposed by India on American liquor, agricultural products. While India said that the Trump administration should tell its priorities so that the middle way can be found.
4 lakh crore to America Trade loss of
The most complicated issue in the conversation was the entry of American agriculture and dairy products in India. Agricultural products account for more than 10% of US exports. India gets 43 thousand crores every year and Rs 13,760 crore in America, India. K is selling agricultural products.
The problem is that the US gives huge subsidy to its farmers for agricultural products, as it is a source of earnings, but agriculture in India is a question of livelihood of 70 million people. If India reduces the tariff, American will catch cheap agricultural products in the Indian market. This can cause huge loss to the country farmer market. Therefore, India has asked to find a way out.
Annual trade in both countries is Rs 17 lakh crore. Is more than In this, India tax exports are more than 9 lakh crores. The US imposes 2.2% average tariff on this. Whereas India imposes average 12% tariff on US products. Due to this, trade deficit is Rs 4 lakh crore. Is more than
If America imposed tariffs, India lost 60 thousand crores
Both countries are negotiating on a comprehensive trade agreement. There is talk of giving equal access to each other’s products and removing the ban.
The focus of the US is on the reduction of import duty on its alcohol, automobile, agriculture and dairy products. Currently it is 150%on alcohol, 100 to 165%on cars, and 120%on farming products.
If India does not do this, then America will impose heavy tax on its metals, chemicals, jewelery, pharma and automobiles. With this, India gets 60 thousand crores annually. Can be damaged.
India indicated to reduce tariffs in alcohol, automobile
America is also knocking the US Bureau of Indian Standards and Quality Control. His electronic and IT products do not survive on these standards. Therefore, India is also thinking towards lifting the ban on foreign direct investment from China.
On the first day of the meeting, India has indicated that it may reduce the tariff from American motorcycle and whiskey.
Tariffs on major exports such as pearls, mineral fuels, machinery, boilers and electrical equipment can increase by 6 to 10%. Whereas tariffs on meat, maize, wheat and dairy products which are currently 30 to 60%, which will remain intact.
1.97 lakh crore on US products. India may reduce the tariff of
India has also indicated a phased cut in its automotive tariff, which is currently more than 100%.
According to the sources of the Center, if the recipe is a tariff, then India’s Rs 5.66 lakh crore. Export will be at stake. To avoid this, India has Rs 1.97 lakh crore on American products. Can reduce the tariff of. Currently, 5 to 30% tariffs on imported US products are taking India.
