India hits back at the U.S. with tariffs
India has notified the World Trade Organisation (WTO) of its decision to impose higher import tariffs on 30 US goods - including motorcycles and heavy machinery as well as many agro products such as almonds, shrimps and chocolates - which is expected to rake in an additional $240 million.
The move comes after India received a cold shoulder from Washington DC on its request for exempting India from the higher tariffs announced by the US on steel and aluminium imports.
Did you Know
Tariffs are used to restrict imports by increasing the price of goods and services purchased from overseas and making them less attractive to consumers. A specific tariff is levied as a fixed fee based on the type of item.
WTO Leader: Roberto Azevedo