Amid the escalating trade war situation between the Sino and US, India may extend further the deadline for levy of retaliatory tariff on some 29 US products by another one month. The previous deadline was to come to end on May 19.
As per the PTI report, the commerce ministry has asked its counterpart in the finance ministry to issue a notification to this effect. The decision is being deferred since June 2018, when India decided to levy retaliatory on some of the items imported from the US as a retaliatory measure after the US levied higher custom duties on some of the steel and aluminium products.
The decision is however influenced by the US which has decided to take away export incentives currently offered to exporters under Generalised System of Preferences (GSP) programme.