The US will no longer impose punitive tariffs on Indian exports

The US has decided to scrap a proposed 25% additional tariffs on more than 25 Indian exports, including shrimp, basmati rice, and gold jewellery.

The US will no longer impose punitive tariffs on Indian exports
(Source-pgurs.com)

According to the US Trade Representative's (USTR) Office, the US is dropping the proposed 25% additional duties on more than 25 Indian exports ranging from shrimp and basmati rice to gold jewelry and furniture, following a settlement of the dispute over New Delhi's Digital Services Tax (DST) imposed on some large American corporations.

The US Treasury Department announced that an agreement to settle the dispute with India was reached based on the international agreement on taxing multinational corporations reached in July and finalized last month by 137 countries, paving the way for the US Trade Representative to drop the additional import duties.