India Strikes Back: Retaliatory Tariffs Revised Against US
India revised its proposal for retaliatory tariffs against the United States under WTO norms, following further duty hikes by the US on steel and aluminum. The proposal could lead to USD 7.6 billion worth of Indian exports being affected, imposing USD 3.82 billion in duties. Both countries are negotiating a Bilateral Trade Agreement.
- Country:
- India
India has revised its proposal to impose retaliatory tariffs against the United States in response to the American administration's recent hikes in duties on steel and aluminum imports. The move falls under the World Trade Organisation's norms.
The United States first implemented 25% tariffs on these goods on March 12, which were later increased to 50% on June 3. The World Trade Organisation released a communication this week, indicating India's right to modify its tariff rates and product selections. The revision could affect USD 7.6 billion worth of Indian exports, with an estimated USD 3.82 billion in duties collected.
The revision in India's strategy comes as both nations are in the midst of negotiating a Bilateral Trade Agreement. Indian trade representatives are scheduled to visit Washington for talks next week.
(With inputs from agencies.)
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