India is set to hike tariffs on a list of 30 imports from the United States. In a recent plea to the World Trade Organisation, India has notified the revised list that includes almonds, apples, phosphoric acid and motorcycles.
The total tariff increase on all products in the list will amount to an estimated additional $240 million in import fees, which is almost the equal to the damage India would suffer from Donald Trump's "protectionist measures" on aluminium and steel imports.
In March, US President Donald Trump announced 25% and 10% tariffs on all foreign steel and aluminum entering the US, citing national security as one of the key reasons behind the move. While some countries were granted exemptions, India wasn't.
India exports about 3,500 items worth $5.6 bn to the US at zero or low duties. In May, India proposed to raise duties by up to 100% on 20 products, such as almonds, apple and specific motorcycles imported from the US before WTO.
India's exports to the US in 2016-17 stood at $42.21 bn, while imports were $22.3 bn. India's exports of steel and aluminium products to America stood at about $1.5 bn every year.
Though the amount is marginal, the step would be noticed, because it occurs alongside retaliatory tariffs on US imports by China, the European Union and, Canada and Mexico, the US' North American Free Trade Agreement partners.
Elsewhere, China has decided to impose additional tariffs on imports from the US worth $50 billion. Even the EU is right now proposing additional tariffs on US imports worth a modest $4.5 billion.
Trump has often raised the issue of higher tariffs on Harley-Davidson motorcycles imposed by India and has threatened to put reciprocal taxes on Indian bikes, which he has claimed to be selling "in thousands" in the US.
During the G7 summit in Canada last week, Trump specifically named India, accusing it of charging 100% tariff on some US goods. "We're like the piggy bank that everybody is robbing," he said.