New Delhi (Sputnik) — India has decided to defer the intended retaliatory tariffs against 29 American products worth $235 million that were to come into effect on Tuesday. According to sources in the Indian establishment, the decision was taken keeping in mind the ongoing efforts by the two sides in finding a solution to the tariff war and a positive outcome may be around the corner. November 2 has been proposed as the new date for implementing the retaliatory tariff, contingent on the outcome of the ongoing negotiations.
"We have received a proposal wherein the US has agreed to exempt a certain percentage of India's average exports of steel and aluminum from the higher import tariff. We are demanding complete waiver from higher tariff; discussions are underway," a government official told to Sputnik.
The Indian government had previously planned to impose higher tariffs effective August 4, but they were delayed until September 18, as the trade administrations of the two countries held talks to avoid a full-blown trade war.
"Negotiations are still on (with the US). There may some a sort of understanding… and the other side is that we are to go for certain steps to be taken to safeguard our interest," Chaudhary Birendra Singh, India's minister of steel said on the sideline of an event in New Delhi earlier this week.
Earlier, India filed a request for consultations with the US on the imposition of additional duties of 25% on imports of steel and 10% on imports of aluminum, before World Trade Organization (WTO).