India has got involved in a trade war. One of the most fast-developing economies could not resist the pressure and joined the lingering struggle for the best trading conditions. The Indian government introduced additional tariffs on the goods imported from the United States. So far, the customs duties on 28 categories of products have been increased. The measures were announced on the official website of the Ministry of Finance. The tariffs have already come into effect, so now the United States should pay more to import almonds, apples, and walnuts to the country. Thus, the Indian authorities retaliated against US President Donald Trump for his decision to deprive India and Turkey of trade concessions allowed by the Generalized System of Preferences. Remarkably, Trump was justified in imposing this measure. He argued that “India failed to provide the United States with assurances that it will provide equitable and reasonable access to its markets in numerous sectors”. As for Turkey, it lost privileges due to its “sufficient economic development”. By the way, apart from India’s removal from the Generalized System of Preferences, the United States imposed additional levies on all imports of steel and aluminium. The decision affected Indian businesses. There is a risk that this interchange of tariffs and sanctions may lead to a full-blown battle. Donald Trump has a quick temper: once he flares up, it’s hard to stop him. Time will show how this round of another trade conflict will end.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
-
Grand Choice
Contest by
InstaForexInstaForex always strives to help you
fulfill your biggest dreams.JOIN CONTEST -
Chancy DepositDeposit your account with $3,000 and get $6000 more!
In December we raffle $6000 within the Chancy Deposit campaign!
Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.JOIN CONTEST -
Trade Wise, Win DeviceTop up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.JOIN CONTEST
