The Ministry of Commerce and Industry today said that India remains engaged with the U.S. on the matter as part of Section 301 proceedings. The statement came after the United States Trade Representative (USTR) concluded investigations against sixty economies, including India, regarding measures of these economies to prevent the import of goods.
As a result, the USTR had proposed imposing additional tariffs on imports from the 60 economies under Section 301 of the U.S. Trade Act of 1974. The Ministry further noted that the country is also parallelly engaged with the US for finalisation of a framework agreement as was announced in February this year.
Products covered under Section 232 tariffs and certain other products are excluded from these tariff proposals. A special mechanism has also been proposed for textile and apparel products that could allow a certain volume of imports from selected economies to enter the US at lower tariff rates.
As per the report, the proposed tariffs are not yet final, and stakeholders can submit requests to participate in public hearings by the 22nd of this month. Written comments can be submitted until 6th of next month and Public hearings will be held on the 7th of July.
