Get Quotes

Market Menu

News Details

( As on 18/09/2018 08:08) Govt to extend deadline for imposition of higher custom duty

A senior official has said that the government will further extend the deadline for the imposition of higher customs duties on 29 products, including almond, walnut and pulses, imported from the US.

As per reports, in June, India decided to impose retaliatory tariffs from August 4. But it was extended by another 45 days till September 18.

"We are still in discussion with the US authorities. The deadline will be extended tonight," the government official said.

As per reports, the duty hike move by India was in retaliation to the March 9 decision of US President Donald Trump to impose heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war.

As per reports, senior officials of India and the US are in discussions to finalise a kind of trade deal. Both the sides holding two track discussions -- to increase trade in short and medium term, and identify long term trade potentials.