GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Will Wait for US Notification to See Impact of Tariff Hikes, Says Govt

When asked what would be impact of the US duty hike on India, the commerce secretary said "of course" there would be some impact as India is an exporter.

PTI

Updated:March 9, 2018, 4:41 PM IST
facebookTwittergoogleskypewhatsapp
Will Wait for US Notification to See Impact of Tariff Hikes, Says Govt
US President Donald Trump has imposed heavy tariffs on imported steel and aluminium, sparking fears of a global trade war. (Image: Reuters)
New Delhi: The central government on Friday said it is waiting for the US notification on hike in import tariff on steel and aluminium to gauge its impact on domestic players amid global outcry over the US decision to increase duties beyond its commitment at the WTO.

US President Donald Trump has imposed heavy tariffs on imported steel and aluminium, sparking fears of a global trade war. Trump signed two proclamations that levied a 25 per cent tariff on steel and a 10 per cent tariff on aluminium imported from all countries except Canada and Mexico. The contentious tariffs will go into effect in 15 days.

Talking to reporters here, Commerce Secretary Rita Teaotia said there is a "disquiet" as the US has raised duties on certain items beyond the bound rates or its commitment at the World Trade Organisation.

When asked what would be impact of the US duty hike on India, the Secretary said "of course" there would be some impact as India is an exporter.

"We will wait to see what from it (US notification on tariff hike) will take," she said.

When asked if other countries too have raised duties beyond the bound rate, Teaotia said no other WTO member has used the "security exception" argument as done by the US in raising duties on import of steel and aluminium. India, she said, is not a protectionist country and has always kept its import duties in the WTO bound rates.

She further said that 17 countries, including India, had expressed concern over the US plans to raise tariffs during the General Council Meeting of the WTO at Geneva in Switzerland. To another question on US demand to lower import duty on super-bikes, like Harley Davidson, Teaotia said India has its own 'Make in India' and is largest producer of motor bikes. She did not elaborate further.

Also Watch

Read full article
Loading...
Most Active
Company Price Change %Gain
Bajaj Finance 2,721.35 +201.15 +7.98
Bajaj Auto 2,839.60 -275.40 -8.84
Reliance 1,128.65 +23.80 +2.15
Infosys 1,348.10 +31.40 +2.38
Ashok Leyland 107.45 +1.75 +1.66
Company Price Change %Gain
Bajaj Finance 2,721.50 +203.90 +8.10
ICICI Bank 266.00 +4.80 +1.84
Infosys 1,348.35 +31.80 +2.42
Bajaj Auto 2,841.10 -271.70 -8.73
Power Grid Corp 176.20 -1.05 -0.59
Top Gainers
Company Price Change %Gain
Bajaj Finance 2,721.35 +201.15 +7.98
Bajaj Finserv 6,663.95 +367.05 +5.83
Sun Pharma 560.10 +15.15 +2.78
Tech Mahindra 659.45 +17.25 +2.69
Cipla 625.80 +15.70 +2.57
Company Price Change %Gain
Sun Pharma 559.90 +14.80 +2.72
Infosys 1,348.35 +31.80 +2.42
Reliance 1,128.55 +24.65 +2.23
ICICI Bank 266.00 +4.80 +1.84
Axis Bank 534.45 +7.15 +1.36
Top Losers
Company Price Change %Gain
Bajaj Auto 2,839.60 -275.40 -8.84
HPCL 275.40 -9.00 -3.16
IOC 161.05 -4.75 -2.86
Vedanta 202.40 -5.80 -2.79
BPCL 388.85 -9.45 -2.37
Company Price Change %Gain
Bajaj Auto 2,841.10 -271.70 -8.73
Vedanta 202.60 -5.70 -2.74
Hero Motocorp 3,373.15 -85.75 -2.48
ONGC 157.85 -3.55 -2.20
Kotak Mahindra 1,333.45 -16.80 -1.24
Loading...
Loading...