PM Modi’s visit to the US marked significant commercial and strategic agreements, with India announcing plans to eliminate customs duty on eight items imported from the US, including gram, beans, and apples. The US raised tariffs on certain steel and aluminum goods in 2019, leading to India leviating customs duty on certain items.
PM Modi’s visit to the US has concluded. He returned to Delhi on June 26. This visit by Prime Minister Modi has been momentous in both commercial and strategic terms. Many agreements have also been reached between the two nations throughout this time. Its implementation has now begun gradually. India has stated that it will eliminate customs duty on eight items imported from the United States, including gram, beans, and apples. After the United States raised tariffs on certain steel and aluminum goods in 2019, India levied customs duty on certain items. During Prime Minister Narendra Modi’s recent visit to the US, the nations settled six World Trade Organization (WTO) problems and eliminated retaliatory tariffs on US exports.
National security concerns led the US to tax 25% on steel imports and 10% on aluminum imports in 2018. In June 2019, India taxed 28 US imports. When India removes the additional duties, the tariff on these eight US-made commodities will return to the MFN rate, according to the source. 90 days removes charges. According to sources, India would receive gram (10%), pulses (20%), fresh or dried almonds (Rs 7 per kg), shelled almonds (Rs 20 per kg), walnuts (20%), and fresh apples (Rs 20 per kg) under the arrangement. 20%), boric acid (20%), and medicinal reagent (20%).
The news of a deal with India to abolish these tariffs has been hailed by US politicians and industry. Trade with the US is the largest that India has. In the fiscal year 2022-23, bilateral goods trade rose to $128.8 billion from $119.5 billion. India is Washington’s second largest apple export market.
Conclusion:
PM Modi’s visit to the US has been significant in commercial and strategic terms, with agreements reached between the two nations. India has announced plans to eliminate customs duty on eight items imported from the US, including gram, beans, and apples. The US raised tariffs on certain steel and aluminum goods in 2019, leading to India leviating customs duty on certain items. The tariffs on these items will revert to the current Most Favored Nation rate when India cancels the extra levies. US politics and industry should applaud the deal. The US is India’s largest commercial partner, with goods trade reaching $128.8 billion in the last fiscal year.
