16, Jun 2019
Prelims level : Economy Mains level : GS-III: Technology, Economic Development, Bio diversity, Environment, Security and Disaster Management
- India imposed tariffs on 29 goods from the U.S from June 16. This is a retaliatory measure taken by India against the U.S imposing tariffs on steel and aluminium form 2018.
- This is also a part of the ongoing tussle between the nations with regard to the protectionist tendencies in the global economy.
- 301 Probe: It is a law in the U.S that allows the President to impose tariffs and other restrictions on a country to protect U.S companies from unfair trade practices by other countries.
- U.S has imposed 301 probe on China in 2017, and is likely to impose the same on India Very soon