Following the footprints of the European Union and China, India has raised import duties on agriculture and steel products in retaliation to US President Donald Trump’s move to increase tariffs on some products shipped from the country.
India has decided to increase the import duty on chickpeas and Bengal gram (chana) to 70 per cent from August 4. The move by India came after China, the European Union and other trading partners slapped high tariffs on US products in retaliation to Trump’s tariff abuse.
The US President, who set off a global trade war by leaving high tariffs on several countries including India, was warned by China to have similar consequences if the US raises new tariffs on its products.
“The US abuses tariffs to trigger trade wars everywhere around the globe and that will severely damage the world trade order, hurt the interests of trading partners, and also hurt its domestic companies and people,” Ministry of Commerce spokesman Gao Feng said in press conference in Beijing on Thursday.
Earlier last week, The European Union slapped heavy duties on American goods in tit-for-tat levies after the Trump’s decision to hike metal-import tariffs.
Although Japan has not done it yet, the country has reserved its rights to respond. Meanwhile, Mexico, Canada and other countries have also announced that they will respond to the US tariff abuse.