On Friday a government official said that India has again deferred levy of higher tariffs on some of the products imported from the US to May 15. The new retaliatory tariffs were to apply from May 2, a spokeswoman said without providing any grounds for the delay.
Last year in June, the government took a decision to increase import tax on some of the US products such as apples, walnuts and almonds from August 4 after the US denied exemption from the new levies on aluminium and steel. Nonetheless, since then there has been a repeated delay in the implementation of the new tariff.
As another setback for the country, on Monday the US administration has asked buyers of oil from Iran to stop their purchases or face sanctions. With this six-month of waivers ends on May 2 that allowed eight major importers of Iranian oil including India to continue their oil purchases in limited volumes.