India's Retaliatory Move: Navigating Trade Tsunami with the US
India reserves the right to impose retaliatory duties on US tariffs on auto parts under WTO safeguards. This procedural step is part of ongoing bilateral trade negotiations, aiming to double trade to USD 500 billion by 2030. The interim trade agreement's timeline remains uncertain.
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In a strategic procedural move, India has reserved its rights to impose retaliatory duties against US-imposed tariffs on auto parts, officials indicate. This step falls under the WTO agreement on safeguards, showcasing India's diplomatic stance on ongoing trade negotiations with the United States.
According to a notification circulated by the WTO at India's request, the proposed suspension of concessions or other obligations involves raising tariffs on selected US-originating products. This notification is deemed essential to preserving India's rights without affecting current discussions surrounding the potential trade pact.
India and the United States are committed to expanding bilateral trade, targeting USD 500 billion by 2030 from the current USD 191 billion. Negotiations are intended to lead to an interim trade agreement; however, uncertainties loom over its conclusion by the July 9 deadline, sources suggest.
(With inputs from agencies.)
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