India-US Trade Deal: The trade agreement between India and America is going to be completed soon. According to the report, the tariff imposed on India till now can be reduced from 50% to 16%.
India-US Trade Deal: The long running trade deal between India and America may get some good news. According to media reports, both the countries have come very close to the deal. According to the report, the 50% tariff imposed on India so far can be reduced to 15-16%. This information is based only on the report and Jagran Business has not yet confirmed it from its side.
India imports 5 lakh tonnes of maize from America
America demands that India gradually buy less crude oil from Russia and instead allow the import of non-GM maize and soyameal in its market. However, India is considering this proposal but at the same time giving priority to the protection of domestic industries like poultry, dairy and ethanol so that farmers and businesses do not suffer any loss. At present India imports about 5 lakh tonnes of maize from America annually. Apart from this, America wants India to reduce the tax on non-GM maize by 15%, but India has made it clear that at present there will be no reduction in this tax. Apart from this, America is pressurizing it to sell its premium cheeses, especially paneer, in the Indian market, but India has not yet accepted it.
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America has imposed 50% tariff on India
History and current status of tariffs US President Donald Trump had imposed an additional 25% tariff on India in April. This was increased to a total of 50% by the imposition of an additional 25% penalty due to the purchase of crude oil from Russia. India imports about 34% of its crude oil needs from Russia and about 10% from the US. Due to this tariff, India’s exports worth about Rs 85 thousand crores were affected.