India has implemented a series of tariff reductions on US imports since January, covering a range of products beyond motorcycles and bourbon whiskey. These reductions are part of trade concessions aimed at easing import duties on various goods.Tariff reductions since January:Motorcycles: Basic customs duty on completely built-up (CBU) units has been reduced from 50% to 40% for engine capacities up to 1600cc and 50% to 30% for those above 1600cc.
Bourbon Whiskey: Effective import duties have been lowered from 150% to 100% under a specific deviation.Ethernet Switches: Import duties on carrier-grade Ethernet switches have been cut from 20% to 10%.Synthetic Flavouring Essences: Import duties on synthetic flavouring essences and mixtures of odoriferous substances have been reduced from 100% to 20%.Fish Hydrolysate: Basic customs duty on fish hydrolysate, used in manufacturing aquatic feed, has been slashed from 15% to 5%.Equalisation levy abolishedIn a major relief for US businesses, India has also abolished the 6% Equalisation Levy, which the Office of the US Trade Representative (USTR) had previously termed “unjustified.” Last year, India had already discontinued an additional 2% Equalisation Levy, both of which had been affecting US-based companies.The administration of US President Donald Trump released a comprehensive report detailing foreign policies and regulations it considers trade barriers on Monday, just two days before proposing reciprocal tariffs on global trading partners.The Office of the US Trade Representative’s (USTR) annual National Trade Estimate Report outlines the average applied tariff rates of various countries, along with non-tariff barriers such as stringent food safety regulations, renewable energy mandates, and public procurement policies.The reciprocal tariffs, to be announced on Wednesday, aim to align U.S. tariffs with those of other nations and offset non-tariff restrictions that disadvantage American exports.
Source link
