India set to raise tariffs on some US goods

US goods and services trade with India stood at an estimated $142.1 billion in 2018. (File/AFP)
Updated 15 June 2019

India set to raise tariffs on some US goods

  • The government had said last June it would raise import taxes on a slew of US goods including almonds and apples
  • It delayed raising tariffs several times as trade talks between the world’s two biggest democracies raised hopes of a resolution

NEW DELHI: India has decided to raise tariffs on imports of 29 goods from the US after having deferred the move several times since announcing it last year, media reported Saturday.
The government had said last June it would raise import taxes on a slew of US goods including almonds and apples, apparently irked by Washington’s refusal to exempt New Delhi from higher steel and aluminum tariffs.
But it delayed raising tariffs several times as trade talks between the world’s two biggest democracies raised hopes of a resolution.
However President Donald Trump’s decision to strip New Delhi of its preferential trade status earlier this month appears to have triggered the latest Indian move.
There would be no further delays in imposing the retaliatory tariffs, the Economic Times reported, quoting a government official, with the new taxes due to take effect from Sunday.
The Press Trust of India news agency said the finance ministry would make a formal announcement soon, although it had already conveyed its decision to the United States.
The trade tensions come despite Washington’s effort to boost ties with India as a counterweight to China and Trump’s stated good relations with Prime Minister Narendra Modi.
Trump and Modi are set to meet at the G20 summit on June 28-29 in Osaka where the sticky trade issue is likely to be taken up.
It is also likely to figure during talks with US Secretary of State Mike Pompeo who is set to visit India for talks later this month.
On Wednesday Pompeo had said the US was open to dialogue with India and would “broach some tough topics.”
US goods and services trade with India stood at an estimated $142.1 billion in 2018. The US trade deficit with India was $24.2 billion, according to official data.
Washington is already engaged in a full-blown trade war with India’s regional rival China.


Dubai’s Al-Habtoor Group to open representative office in Israel

Updated 20 September 2020

Dubai’s Al-Habtoor Group to open representative office in Israel

  • Al-Habtoor and Fogel both welcomed the landmark agreement that was signed on Sept. 15 in the US
  • The tycoon revealed his plans to open a representative office in Israel

DUBAI: Dubai’s Al-Habtoor Group (AHG) plans to open a representative office in Israel its chairman said, following an historic peace deal signed last week between the UAE and Israel to normalize relations.

Khalaf Ahmad Al-Habtoor, who is AHG founding chairman, welcomed Ampa Group’s co-owner, chairman and CEO Shlomi Fogel at the hospitality conglomerate’s Dubai headquarters. Ampa Group deals in real estate, finance and industry. 

Al-Habtoor and Fogel both welcomed the landmark agreement that was signed on Sept. 15 in the US. 

The UAE and Bahrain signed the Abraham Accords in a ceremony overseen by US President Donald Trump. The two Gulf countries join Egypt and Jordan as the only Arab nations to have full relations with Israel.

“I have been looking forward to this day for a very long time,” Al-Habtoor said. “I have always believed that Emiratis and Israelis have a lot in common. Both peoples are business-oriented and have relied on human talent and ambition more than their countries’ natural resources to build robust, innovative economies. The opportunities that this deal will present are great for both sides. I am confident this will open up new doors and lead to stronger economies, and closer cultural ties between the peoples.”

The tycoon revealed his plans to open a representative office in Israel and said that there was a lot of interest in collaboration.

“We have received a large number of inquiries for collaboration in several fields, ranging from AI and technology, to agriculture, hospitality and trading. The possibilities are endless for both sides in our diversified fields and new ones, and we want to be present to grasp them.”

He previously disclosed that AHG had started talks with Israeli domestic carrier Israir Airlines to open direct commercial flights, “and we are preparing to reveal a few collaborations in the coming days.”

Fogel said that peace would be cemented through successful business collaboration and trade. “Together with our Emirati counterparts we will show the way to live in peace to the rest of the world,” he added.

Fogel was accompanied at the meeting by Ampa Group executives, including Erez Katz and Saar Bracha.

AHG was represented at the meeting by Mohammed Al-Habtoor, Ahmad Al-Habtoor, Maan Halabi, Sanjeev Agarwala and other members of senior management.