As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by Axios:
India announced it’s imposing higher tariffs on 28 U.S. products from Sunday, after Washington withdrew the South Asian country’s preferential trade status.
It’s the latest escalation in President Trump’s trade war, designed to cut U.S. deficits. The tariffs on products including almonds and apples are as high as 70% on some items and are in response to Washington’s refusal to exempt Delhi from higher taxes on steel and aluminium imports, the BBC notes.
The article goes on to state the following:
India was until the U.S. cut privileges on June 5 the biggest beneficiary of the Generalized System of Preferences scheme, which allowed duty-free exports of up to $5.6 billion, per Reuters.
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