Mubasher: Amid US-Chinese heated trade war, India, one of the biggest economies in the world, decided to step in the conflict, imposing higher retaliatory tariffs against 28 American products.
India’s new tariffs are but a payback to the Trump administration decision in March to revoke India’s status as a beneficiary country under the Generalized System of Preferences (GSP) programme.
The Asian country also preserved the current rate for the concerned goods for all other countries, sending a clear message to the US.
The new tariffs will be effective as of Sunday, according to the Indian government.
Earlier in January, US secretary of state Mike Pompeo stated that his country was to dialogue to resolve trade differences with India.
Since taking his office in 2017, US president Donald Trump pledged to take action against countries with which Washington has a large trade deficit.
However, India may not be the victim here, as its government set new rules that were disadvantageous to some major US companies including Amazon, Walmart, Mastercard, and Visa.