NEWS
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- The US President has said that India’s tariff regime is no longer acceptable.
- India had imposed long pending retaliatory tariffs on 29 US products after US had withdrawn Generalized system of preferences (GSP) for Indian exporters.
- GSP is a preferential tariff system extended by developed countries to developing countries.It is a preferential arrangement in the sense that it allows concessional low/zero tariff imports from developing countries.
- Further,the US and India has issues that needs to be resolved such as (a)India’s Data localisation rules which forced foreign companies to store their data locally (b)Price controls on medical devices(Cardiac stents) (c)Tariff on ICT products (d)Lack of greater market access for the US dairy industry and (e)India’s e-commerce policy.
