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The USTR announced final measures under Section 301 of the U.S. Trade Act against 60 economies, including India.
India was placed in a lower tariff tier, attracting a 10% additional ad valorem duty instead of the proposed 12.5%.
Exemptions apply to 45% of India's exports, such as pharmaceuticals, smartphones, and items covered under Section 232.
GS Paper 2 > Effect of Policies and Politics of Developed and Developing Countries on India's interests
With reference to the international trade of India at present, which of the following statements is/are correct? 1. India's merchandise exports are less than its merchandise imports. 2. India's imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years. 3. India's exports of services are more than its imports of services. 4. India suffers from an overall trade/current account deficit. Select the correct answer using the code given below:
Answer: 1, 3 and 4 only
A section of the U.S. Trade Act of 1974 that authorizes the President to take all appropriate action, including tariff-based and non-tariff-based retaliation, against foreign governments that violate an international trade agreement or are unjustified, unreasonable, or discriminatory.