The US reciprocal import duty commences today, prompting a comparison of tariff rates. While countries like India have high bound rates, sometimes reaching 150% for farm produce, their actual applied tariffs are significantly lower, averaging arou...
By ET Bureau |
Agencies
Representational image
The reciprocal import duty imposed by the US kicks in from today. A look at the rate of import duty levied by various countries as claimed by the US and reciprocal tariff imposed, and the actual tariff charged by these countries.
Applied tariffs, however, are much lower.
Note: * Bound rate refers to maximum import tariff committed at the WTO. Import tariffs cannot be higher than this level. Actual tariff levied is usually much lower.
# MFN tariff refers to effective import tariff levied by a country on imports from all WTO member countries except on imports from its preferential trading partners.
India has a high bound going up to 150% in some cases such as farm produce, but average is much lower as in many cases the bound rate is low or even zero. The actual average MFN tariff imposed is even lower around 17%.
