India has raised the import tax on edible oils to 20% for crude oils and 32.5% for refined oils, effective immediately. This move aims to support local farmers by ensuring better prices for kharif oilseeds, which have recently fallen below the minimum support price.
The decision was made during a Cabinet meeting led by Union Home Minister Amit Shah and is expected to help stabilize domestic oilseed prices while also impacting consumer prices for cooking oils in the market.
Citations:
[1] https://www.thehindubusinessline.com/economy/agri-business/india-hikes-customs-duty-on-edible-oils-aims-to-boost-local-oilseed-production/article68640113.ece
[2] https://www.thehindu.com/business/Economy/indias-july-edible-oil-imports-to-surge-to-record-on-robust-palm-buying-report/article68440100.ece
[3] https://economictimes.indiatimes.com/news/economy/foreign-trade/india-to-keep-edible-oil-import-duty-lower-until-march-2025-imposes-50-export-tax-on-molasses/articleshow/106882930.cms
[4] https://fortune.com/asia/2024/09/03/beijing-hits-back-china-ev-tariffs-anti-dumping-probe-canadian-goods/
[5] https://www.canada.ca/en/department-finance/news/2024/08/surtax-on-imports-of-steel-and-aluminum-products-from-china.html
[6] https://www.whitecase.com/insight-alert/canada-raise-tariffs-and-limit-subsidies-clean-vehicles-steel-and-aluminum-china
[7] https://www.csis.org/analysis/experts-react-energy-and-trade-implications-tariffs-chinese-imports
[8] https://www.wilsoncenter.org/article/360deg-view-new-tariffs-china