South Africa tour of India 2019
US says India's tariff rates are 'unjustified'
The US President has repeatedly claimed that India is a “tariff king” and imposes tremendously high tariffs on American products and now US commerce secretary Wilbur Ross at a business event 'Indo Pacific Trade Winds' asked India to reduce its tariff rates.
Ross called it as unjustified and said that this is creating hurdles for the US companies in exporting goods to India. However, he also assured them that they are working with the Indian government to tackle it.
The bilateral trade between India and the US has increased to USD 74.5 billion in 2017-18 from USD 64.5 billion in 2016-17. Although India has a trade surplus with the US, India is a thriving market for US defense firms, e-commerce, and technology companies.
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