'Penal tariff may be withdrawn by Nov'

KOLKATA: The United States is likely to withdraw the 25% penal tariff on India and there are expectations that the issue could be resolved by end Nov, chief economic adviser V Anantha Nageswaran said on Thursday. Speaking to members of the Bharat Chamber of Commerce here, Nageswaran said: "In the next 8-10 weeks, we could expect a resolution about the penal tariff of 25%. Later, we may also see that the reciprocal tariff of 25% may come down to the 15% level." Subsequently, in an interaction with the Merchants' Chamber of Commerce, the CEA said he would expect the resolution to happen by the end of Nov. He, however, clarified that he was not part of the ongoing bilateral discussions on the issue.