India's Strategic Trade Moves: A Game of Retaliatory Tariffs
India reserves its right under WTO norms to impose retaliatory duties on US products over steel and aluminum tariffs. The issue may resolve through ongoing bilateral trade agreement negotiations. India's past retaliations serve as a bargaining chip in boosting commerce and resolving disputes with the US.
- Country:
- India
India has reserved the right under World Trade Organization (WTO) norms to impose retaliatory duties on selected American products. This strategic move is in response to the United States' tariffs on steel and aluminum, though India may choose to resolve the standoff through ongoing bilateral trade agreement (BTA) negotiations.
Commerce and Industry Minister Piyush Goyal is set to lead high-level talks in Washington, starting May 17. The negotiations aim to bolster commerce between the two nations to USD 500 billion by 2030, up from the current USD 191 billion. India's reservation to retaliate could function as a potent bargaining tool in these discussions.
India's history with safeguard retaliation, particularly the 2019 tariffs on US products following their removal from the Generalized System of Preferences, underscores its strategy. The country seeks to recover about USD 1.91 billion in duties through this approach, navigating complex international trade dynamics with strategic foresight.
(With inputs from agencies.)
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