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India Imposes Retaliatory Tariffs on U.S. Agricultural Products

06/19/2019

Following revocation of trade privileges under the Generalized System of Preferences for India, on June 5th that Nation has retaliated by imposing tariffs on 28 U.S. products. Included on the list are U.S. agricultural products including almonds, apples and walnuts. India imports almonds valued at $500 million each year and represents half of U.S. exports. U.S. apple exports to India amounted to $150 million in 2018.

India suspended levies on U.S. products in June following a discussion between President Trump and Prime Minister Narendra Modi at the White House. Trade talks continued until the June action by the U.S. The imposition of tariffs on agricultural products is effectively a side-show since the major issue relates to economic discrimination against U.S. companies including Amazon.com, Walmart Inc., and financial institutions including issuers of credit cards.

It is hoped that the issues between India and the U.S will be resolved when the two leaders meet to review trade at the G-20 Meeting on June 28th in Osaka.