US plans new 12.5% tariff on India amid trade talks

The proposed duties, announced after an investigation into the policies of 60 countries that together account for more than 99% of US imports, will replace the existing 10% tariff imposed under Section 122 of the Trade Act. Those duties are due to expire on July 24. For 16 other countries covered by the investigation, the US has proposed an additional tariff of 10%. The move comes even as India and the US are engaged in the second round of in-person negotiations for an interim trade deal, which officials say is nearing completion. The US delegation, led by Assistant US Trade…