California almonds, walnuts to get cheaper in India: Here's why
In a move to strengthen trade relations, India has removed extra duties on several US goods, including apples, chickpeas, and lentils. These duties were imposed in 2019 as a response to America's decision to raise tariffs on certain steel and aluminum products. The announcement comes just before US President Joe Biden's visit to India for the G20 Summit on September 9-10 and a bilateral meeting with Prime Minister Narendra Modi.
Retaliatory tariffs removed after bilateral talks
India had imposed tariffs on 28 goods in 2019 in response to the US's move. However, during Modi's state visit to the US this June, both countries decided to terminate six WTO disputes and remove retaliatory tariffs on some products. As part of the deal, India will be removing extra duty on chickpeas (10%), lentils (20%), almonds (fresh or dried; Rs. 7/kg), shelled almonds (Rs. 20/kg), walnuts (20%), and apples (20%).
US-India trade flourishes, no loss to India
The removal of these tariffs is expected to further strengthen trade relations between India and the US. The US is India's largest trading partner, with bilateral goods trade increasing from $119.5 billion in 2021-22 to $128.8 billion in 2022-23. Per the Indian government, the axing of retaliatory tariffs or cuts in import duties with the US will not cause a loss to Indian exchequer.
