India has decided to suspend concessions on the U.S. products following the U.S. sanctions on steel and aluminum imports, The Indian Express reported.
“India wishes to clarify that suspension of concessions shall be equivalent to the amount of trade affected by the United States’ measures,” Indian government said in a statement referred to the World Trade Organization (WTO).
Tariffs will reportedly be increased by 50% on motorcycles with an engine capacity of more than 800 cu. cm, as well as on varying degrees in boric acid, some metal products, lentils and other goods.
India expects to receive near $239 million from these measures, NDTV reported. The U.S. decision to hike import duties will have an impact of about $241 million.