US President Donald Trump said that even though<a href="https://www.wionews.com/world/tariff-king-india-wants-trade-talks-us-immediately-says-trump-168847"> India has reduced its import tariff </a>on American motorcycles from 100 per cent to 50 per cent, it is still too high and not acceptable to him.

Trump said the United States, under his leadership, is a country that can no longer be fooled.

"We're not the foolish country that does so badly. You look at India, very good friend of mine, Prime Minister (Narendra) Modi, you take a look at what they've done, 100 per cent tax on a motorcycle. We charge them nothing," Trump told CBS news in an interview on Monday.&nbsp;

Trump was referring to the import tariff on the<a href="https://www.wionews.com/india-news/india-certainly-not-a-tariff-king-says-world-bank-official-on-donald-trumps-remarks-174726"> Harley Davidson motorcycles</a>, an issue that has been close to his heart and wants India to reduce it to zero.

"So, when Harley sends over there, they have 100 per cent tax. When they (India) send in,&nbsp;they make a tremendous number of motorcycles,&nbsp;&nbsp;when they send them in, no tax. I called him. I said it's unacceptable,"&nbsp;Trump said, referring to his conversation with Prime Minister Modi.

"He (Modi) reduced it by 50 per cent with one phone call. I said it's still unacceptable because it's 50 per cent versus nothing. It's still unacceptable. And they're working on it," he said, indicating that the two countries are still in talks to resolve the issue of import tariffs on American motorcycles.

"But if I didn't, if we didn't have the power of what we have, and if we weren't the bank - well, if we weren't the bank we wouldn't even be talking about it because nobody would care. But we're the bank that everybody wants to rob, and that's what they've been doing for a long period of time. $800 billion we have in trade deficits with other countries. So you tell me who made those deals,"&nbsp;he said in response to a question.

US President Donald Trump said that even though India has reduced its import tariff on American motorcycles from 100 per cent to 50 per cent, it is still too high and not acceptable to him.

US President Donald Trump said that even though India has reduced its import tariff on American motorcycles from 100 per cent to 50 per cent, it is still too high and not acceptable to him. Trump said the United States, under his leadership, is a country that can no longer be fooled. "We're not the foolish country that does so badly. You look at India, very good friend of mine, Prime Minister (Narendra) Modi, you take a look at what they've done, 100 per cent tax on a motorcycle. We charge them nothing," Trump told CBS news in an interview on Monday. Trump was referring to the import tariff on the Harley Davidson motorcycles, an issue that has been close to his heart and wants India to reduce it to zero. "So, when Harley sends over there, they have 100 per cent tax. When they (India) send in, they make a tremendous number of motorcycles, when they send them in, no tax. I called him. I said it's unacceptable," Trump said, referring to his conversation with Prime Minister Modi. "He (Modi) reduced it by 50 per cent with one phone call. I said it's still unacceptable because it's 50 per cent versus nothing. It's still unacceptable. And they're working on it," he said, indicating that the two countries are still in talks to resolve the issue of import tariffs on American motorcycles. "But if I didn't, if we didn't have the power of what we have, and if we weren't the bank - well, if we weren't the bank we wouldn't even be talking about it because nobody would care. But we're the bank that everybody wants to rob, and that's what they've been doing for a long period of time. $800 billion we have in trade deficits with other countries. So you tell me who made those deals," he said in response to a question.

Modi reduced tariffs on Harley Davidson motorcycles by 50%, I said it was still unacceptable: Trump

India has delayed the implementation of <a href="https://www.wionews.com/world/if-someone-attacks-us-on-our-doorstep-we-will-fight-to-the-finish-china-on-trade-war-with-us-218705">higher tariffs on some goods</a> imported from the United States to June 16, according to a government statement.

The new duties were to come into force from May 16.

Angered by Washington’s refusal to exempt it from <a href="https://www.wionews.com/world/trump-says-he-feels-us-china-trade-talks-going-to-be-very-successful-218515">new steel and aluminium tariffs</a>, New Delhi announced in June last year a plan to raise the import tax on US products such as almonds, walnuts and apples.

But since then, New Delhi has repeatedly delayed the implementation of the new tariffs. In October last year, Trump described India as a "tariff king" as he reiterated his allegations that New Delhi has a high tariff rate on various American products.

India's proposed retaliatory tariffs are far less than that by China on more than 800 American agricultural products which accounted for approximately $20.6 billion in exports to the US in 2017.

India ranked third as a destination for US apple exports in 2017, purchasing $97 million of US apples, or 10 per cent of the total exports. India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India.

According to a US Congressional report, India's proposed retaliatory tariffs against US agricultural products including apples, almonds and lentils will have an adverse impact on American exports worth nearly $900 million.

Countries have imposed tariffs on American agricultural products to retaliate against actions the Trump administration took in March, 2018 to protect US steel and aluminium producers and in response to Chinese intellectual property rights and technology policies.

Since then, over 800 US food and agricultural products have been subject to retaliatory tariffs from China, the EU, Turkey, Canada and Mexico.

(Inputs: Reuters and PTI)

India has delayed the implementation of higher tariffs on some goods imported from the United States to June 16, according to a government statement. The new duties were to come into force from May 16.

India has delayed the implementation of higher tariffs on some goods imported from the United States to June 16, according to a government statement. The new duties were to come into force from May 16. Angered by Washington’s refusal to exempt it from new steel and aluminium tariffs, New Delhi announced in June last year a plan to raise the import tax on US products such as almonds, walnuts and apples. But since then, New Delhi has repeatedly delayed the implementation of the new tariffs. In October last year, Trump described India as a "tariff king" as he reiterated his allegations that New Delhi has a high tariff rate on various American products. India's proposed retaliatory tariffs are far less than that by China on more than 800 American agricultural products which accounted for approximately $20.6 billion in exports to the US in 2017. India ranked third as a destination for US apple exports in 2017, purchasing $97 million of US apples, or 10 per cent of the total exports. India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India. According to a US Congressional report, India's proposed retaliatory tariffs against US agricultural products including apples, almonds and lentils will have an adverse impact on American exports worth nearly $900 million. Countries have imposed tariffs on American agricultural products to retaliate against actions the Trump administration took in March, 2018 to protect US steel and aluminium producers and in response to Chinese intellectual property rights and technology policies. Since then, over 800 US food and agricultural products have been subject to retaliatory tariffs from China, the EU, Turkey, Canada and Mexico. (Inputs: Reuters and PTI)

India postpones levying retaliatory tariff on US goods

America&#39;s bilateral trade deficit with four major countries, including India, narrowed in the first three quarters of 2017 as compared to the previous year, the US administration said in a report according to which India&#39;s growth has slowed due to the effects of its structural economic reforms.

The Economic Report of the President (ERP) that shows a path for continued growth and paints a rosy picture for the American economy, alleges that countries, including India and Brazil - both GATT signatories since 1948 - have been far less open, preserving high bound rates and avoiding universal binding coverage.

&quot;Growth in India has slowed due to the effects of its structural economic reforms. India&#39;s demonetisation of large-denomination notes in November 2016 invalidated 86 per cent of the cash in circulation in an economy where more than 90 per cent of transactions were cash-based,&quot; it said.

&quot;The introduction in July 2017 of a single, country-wide sales tax replaced a vast number of different state and local tax rates, and has created short-term uncertainty,&quot; the report noted. 
The report expressed concern over increasing share of non-performing loans (NPLs) in India&#39;s banking sector, which it said poses further risks.

According to country-sourced statistics provided to the IMF, NPLs as a share of all loans in India stood at 9.7 per cent in the third quarter of 2017, compared with 1.7 per cent in China (IMF 2017).

&quot;NPLs have increased at an alarming rate in recent years, with the current NPL slippage ratio in India almost double that in FY 2014/15 (IMF 2017b). Public sector banks, with the State Bank of India as a leading example, account for the lion&#39;s share of NPLs in the banking sector,&quot; it said.

The Reserve Bank of India predicts that gross NPLs as a proportion of all loans will increase to 10.8 per cent in the first quarter of 2018, and to 11. 1 per cent by September 2018.

&quot;However, the stress of India&#39;s banking sector may be ameliorated in the future, given that the government recently announced a $ 32.4 billion package to recapitalise publicly- owned banks,&quot; the report said.

Noting that India has been the most frequent user of anti-dumping measures, the White House said delays in the approval of agricultural products derived from biotechnology in China, the EU, India, and other countries result in increased market uncertainty among technology providers, farmers, and traders of US corn, soy, cotton, and alfalfa&mdash;leading to reduced exports of these products.

The Trump administration also blamed India for not implementing the WTO ruling on poultry.

&quot;India has failed to revise its requirements for poultry in a manner that would allow for US imports, and the case continues to be litigated in the WTO,&quot; it said.

&quot;Since 2007, India has restricted various US agricultural products, including poultry meat, eggs, and live pigs, supposedly to prevent the entry of avian influenza into India,&quot; the report said.

The US has maintained that no scientific basis supports the ban.

In March 2012, the US initiated a WTO dispute by requesting consultations with India.

In emerging and developing economies, such as Brazil, China, India, Russia, and certain other countries in Africa, Asia, and Latin America, strengthening the external environment continues to help output growth recover.

&quot;There are, however, certain risks to future growth. As monetary policy normalises with higher interest rates in advanced economies, emerging and developing economies could face an outflow of capital,&quot; it said.

&quot;Financial stability risks are also increasing due to the increase in nonperforming loans on the private sector balance sheets of two of the biggest and fastest-growing emerging market economies - China and India.

Credit growth in China has arguably also become excessive, as it continues to shift from growth led by exports and investment to an economy led by internal demand,&quot; it said.&nbsp;

'Growth in India has slowed due to the effects of its structural economic reforms. India's demonetisation of large-denomination notes in November 2016 invalidated 86 per cent of the cash in circulation in an economy where more than 90 per cent of transactions were cash-based, Economic Report said

America's bilateral trade deficit with four major countries, including India, narrowed in the first three quarters of 2017 as compared to the previous year, the US administration said in a report according to which India's growth has slowed due to the effects of its structural economic reforms. The Economic Report of the President (ERP) that shows a path for continued growth and paints a rosy picture for the American economy, alleges that countries, including India and Brazil - both GATT signatories since 1948 - have been far less open, preserving high bound rates and avoiding universal binding coverage. "Growth in India has slowed due to the effects of its structural economic reforms. India's demonetisation of large-denomination notes in November 2016 invalidated 86 per cent of the cash in circulation in an economy where more than 90 per cent of transactions were cash-based," it said. "The introduction in July 2017 of a single, country-wide sales tax replaced a vast number of different state and local tax rates, and has created short-term uncertainty," the report noted. The report expressed concern over increasing share of non-performing loans (NPLs) in India's banking sector, which it said poses further risks. According to country-sourced statistics provided to the IMF, NPLs as a share of all loans in India stood at 9.7 per cent in the third quarter of 2017, compared with 1.7 per cent in China (IMF 2017). "NPLs have increased at an alarming rate in recent years, with the current NPL slippage ratio in India almost double that in FY 2014/15 (IMF 2017b). Public sector banks, with the State Bank of India as a leading example, account for the lion's share of NPLs in the banking sector," it said. The Reserve Bank of India predicts that gross NPLs as a proportion of all loans will increase to 10.8 per cent in the first quarter of 2018, and to 11. 1 per cent by September 2018. "However, the stress of India's banking sector may be ameliorated in the future, given that the government recently announced a $ 32.4 billion package to recapitalise publicly- owned banks," the report said. Noting that India has been the most frequent user of anti-dumping measures, the White House said delays in the approval of agricultural products derived from biotechnology in China, the EU, India, and other countries result in increased market uncertainty among technology providers, farmers, and traders of US corn, soy, cotton, and alfalfa—leading to reduced exports of these products. The Trump administration also blamed India for not implementing the WTO ruling on poultry. "India has failed to revise its requirements for poultry in a manner that would allow for US imports, and the case continues to be litigated in the WTO," it said. "Since 2007, India has restricted various US agricultural products, including poultry meat, eggs, and live pigs, supposedly to prevent the entry of avian influenza into India," the report said. The US has maintained that no scientific basis supports the ban. In March 2012, the US initiated a WTO dispute by requesting consultations with India. In emerging and developing economies, such as Brazil, China, India, Russia, and certain other countries in Africa, Asia, and Latin America, strengthening the external environment continues to help output growth recover. "There are, however, certain risks to future growth. As monetary policy normalises with higher interest rates in advanced economies, emerging and developing economies could face an outflow of capital," it said. "Financial stability risks are also increasing due to the increase in nonperforming loans on the private sector balance sheets of two of the biggest and fastest-growing emerging market economies - China and India. Credit growth in China has arguably also become excessive, as it continues to shift from growth led by exports and investment to an economy led by internal demand," it said.

India's growth slowed due to demonetisation, GST: USA