India doubles import tax on textile products, may hit China
NEW DELHI/MUMBAI (Reuters) - India doubled the import tax on more than 300 textile products to 20 percent on Tuesday as the world's biggest producer of cotton tries to curb rising imports from China.
It was the second tax hike on textiles in as many months after an increase on other products including fiber and apparels last month.
The moves are expected to provide relief to the domestic textile industry, which has been hit by cheaper imports. India's total textile imports jumped by 16 percent to a record $7 billion in the fiscal year to March 2018. Of this, about $3 billion were from China.
The government did not disclose details of the 328 textile products that will be subject to the duty increase announced on Tuesday.
Rising imports sent India's trade deficit with China in textile products to a record high $1.54 billion in 2017/18, alarming industry officials as India had been until recently a net exporter of textile products to China.
Sanjay Jain, president of the Confederation of Indian Textile Industry, told Reuters he did not expect China to retaliate to the Indian duty increases as it still has a trade surplus with India.
He said India's textile product imports could fall to $6 billion in 2018/19 as a result of the tax hike to 20 percent.
他说，由于税率提高到20%，在2018 - 2019年度印度的纺织品进口额可能会下降至60亿美元。
India's imports of textile products from Bangladesh, Vietnam and Cambodia also jumped in the last few years as they are not subject to any duty under free trade agreements (FTA) signed by India with these countries.
The 20 percent duty will not be applicable to products sourced from those countries due to the FTA, Jain said.
Industry officials say in the last few months Chinese fiber has been shipped to Bangladesh and processed and exported to India with zero duty.
"Rules of origin need to be implemented for textile products. Otherwise Chinese products will land from other countries," said a Mumbai-based garment exporter, who declined to be named.
Jain said India's textile and garment exports could rise 8 percent to $40 billion in 2018/19 due to a weak rupee and as the government is expected to introduce incentives to boost overseas sales.
Sanjay Jain表示，由于卢比疲软，印度纺织和服装出口在2018 - 2019年度可能增长8%，达到400亿美元，而且预计政府将推出刺激措施以促进海外销售。
India's trade differences with the United States have also been rising since President Donald Trump took office.
India, the world's biggest buyer of U.S. almonds, in June decided to raise import duties on almonds and some other U.S. imports by 20 percent, joining the European Union and China in retaliating against Trump's tariff hikes on steel and aluminum. The increased tariff on U.S. goods will be applicable from Sept. 18.
来源：三泰虎 http://www.santaihu.com/45767.html 译者：Jessica.Wu
MarkMark-10 hours ago
India wants to keep jobs in India so they raise taxes, just a another way of saying raising tariffs. But Isn't this what Trump is doing, raising tariffs to stimulate job growth in the US. Where is the liberal outrage at India, or for that matter China.
John-11 hours ago
Getting bad when China can under cut a country like India on prices.
Fred-11 hours ago
... and their eyes were opened --by The Donald.
MAGA! TRUMP 2020! GOP IN NOVEMBER!
Vivien-4 hours ago
India should increase the import tax to 50%. It is good for India.
-Desi-9 hours ago
Good job. Now China can't dump textiles into India. China is under pressure thanks to Trump.
Moses-10 hours ago
India could sell more to China to offset imports and to balance its trade. Tariffs are NOT the way to go. China's economy is strong. Their foreign reserves are up AGAIN. Exports are solid and are in growth territory. The service PMI is very strong at 54%. China still maintains a surplus trade and budget foundation. The weakening yuan has, so far, offset the tariffs that are in place. The July trade surplus with the U.S. has jumped significantly and is growing at a record pace for 2018. China's BRI continues to thrive and China continues to add trade partners. Most recently ASEAN and China have agreed on a blueprint to proceed in the SCS. There are NO talks with the U.S. on trade, the SCS, and N.Korea. For China, it is business as usual. Meanwhile Trump is under pressure to deliver something. So far, no NAFTA, no EU, No China, no N.Korea. Farmers, manufacturers, auto makers and the chamber of commerce are growing impatient....elections are 90 days away. The FBI investigation is picking up steam. Trump has a lot to accomplish. NO deals so far from the "great" deal maker! Ross, Mnuchin, Kudlow, and Trump, himself, are speeding up the rhetoric....partly partisan politics and spin.....partly panic!
Mathew-6 hours ago
Great works India, say NO to made in cheena !
Anteater-11 hours ago
Ouch. Not a good time for China.
-Exercise Your Brain-12 hours ago
China is hurting bad, so is Germany, this will not help them.
-H-7 hours ago
That's strange: media keep on claiming Trump is destroying free trade.
CHisanutter-1 hour ago
"Import tax"? you mean TARIFFS!!! India has joined the fight! Well done India.
“进口税”?意思就是关税! ! !印度加入了战斗!做得好！
Rene-2 hours ago
Great job India , show these lawless pirates the world does not revolve around china . There are many great countries that can manufacture without stealing and faking .
jing wu-4 hours ago
India is a joke all the time