News in brief: India has removed retaliatory tariffs on almonds, with rates reduced to 35 rupees per kilogram for inshell almonds and 100 rupees per kilogram for kernel almonds, following an agreement with the US. This move is expected to benefit the almond industry, boost US almond exports to India, and improve trade relations between the two countries.
India has removed retaliatory tariffs on almonds effective Wednesday, September 6, 2023. The tariff rate was reduced to 35 rupees per kilogram on inshell almonds, and 100 rupees per kilogram on kernel almonds.
The decision, which was announced by the Indian government, comes after India and the United States (US) reached an agreement in June 2023 to eliminate the tariffs.
India initially imposed the tariffs in 2019 in retaliation for US tariffs on Indian steel and aluminum. Trump’s administration had imposed the US tariffs as part of a trade war between the two countries.
The elimination of the tariffs is seen as a positive development for the almond industry. India is a major market for almonds, and the tariffs had been a major obstacle to trade.
Furthermore, the removal of the tariffs is expected to boost exports of almonds from the United States to India. It could also help to lower prices for consumers in India.
The agreement to eliminate the tariffs is seen as a sign of improving relations between both governments. They have reportedly been working to resolve their trade differences and this is believed to be a significant step forward in that direction.
As part of the agreement, India will be removing additional duty on chickpeas (10 per cent), lentils (20 per cent), almonds fresh or dried (Rs 7 per kg), almonds shelled (Rs 20 per kg), walnuts (20 per cent), and apples fresh (20 per cent).
