Why is it in the news
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The Government has extended its deadline to impose retaliatory import duties on 29 products from the United States (US), till May 16.
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The products includs almond, walnut and pulses.
Core Sector
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The deadlines were extended several times since June 2018, when India decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminium products.
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This extension comes after the US decided to withdraw export incentives being provided to them to Indian exporters under the GSP programme.
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According to sources, India may go ahead with its decision to impose retaliatory tariffs if the US would withdraw the GSP benefits.
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India’s exports to the US in 2017-18 stood at $47.9 billion, while imports were at $26.7 billion. The trade balance is in favour of India.
Source
The Hindu.