$23 Bn US Imports Open for Tariff Cut; Textiles, G&J, Footwear Accept Cut
5 days, 23 hours ago

$23 Bn US Imports Open for Tariff Cut; Textiles, G&J, Footwear Accept Cut

Deccan Chronicle  

Chennai: India is open to reduction of tariffs on more than half of US imports worth $23 billion in the first phase of a trade deal. According to Reuters, India is open to reducing tariffs on 55 per cent of US imports that are now subject to tariffs ranging from 5 per cent to 30 per cent. According to GJEPC, it has recommended reduction of duties on worked and unworked pearls from 5-10 per cent to zero per cent, precious and semi-precious stone from 5 per cent to 2.5 per cent, worked lab-grown diamonds 5 per cent to 2.5 per cent, 1 per cent reduction in gold and silver bars and polished diamonds 5 per cent to 2.5 per cent. Meanwhile, the 6 per cent equalization levy on the online advertisements of big tech companies like Google, Meta and X is being abolished from April 1, 2025. India had earlier withdrawn the 2 per cent equalization levy on e-commerce firms.

History of this topic

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