JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
India has proposed doubling its retaliatory tariffs on US imports to $3.82 billion, up from a previously notified $1.9 billion. This move, recently submitted to the World Trade Organization (WTO), comes in response to the United States’ decision to hike import duties on steel and aluminium from 25% to 50% under Section 232 provisions.
According to India’s revised WTO notification, the updated tariffs are meant to match the trade impact caused by the US measures, which affect over $7.6 billion worth of Indian exports. India noted its right to alter both the list of products and tariff rates as needed.
This proposed escalation highlights growing trade tensions between the two nations, even as they continue to negotiate a broader bilateral trade agreement. A trade delegation from India is scheduled to visit Washington, with both sides aiming to finalize the first phase of the deal by year-end.Despite ongoing talks and trade delegations currently lining up meetings, India is signaling it will staunchly protect domestic industries if US duties remain steep
The US initially imposed steel and aluminium duties in 2018, citing national security concerns. India responded with retaliatory duties in 2019 and also challenged the US move at the WTO. The latest proposal signals India’s intent to firmly defend its trade interests through global legal frameworks, even while engaging in negotiations.
Also Read : India proposes a national iron ore exchange to address price disparities Ahead of Budget, Centre lowers import duty on mobile phone parts to 10%
Oil India plans to start its 180,000 barrels per day (bpd) Numaligarh refinery in the northeastern s...
Oil & Gas 03-Apr-2024
Sajjan Jindal's JSW Group is currently in discussions with Volkswagen Group to establish a joint ven...
Large Corporate 20-Feb-2024
Visakhapatnam Port Authority (VPA) has inked a deal for semi-mechanisation of WQ-6 berth, situated i...
Logistics 28-Mar-2024
Sajjan Jindal, the chairman of the Mumbai-based Steel to Infrastructure JSW Group, expressed interes...
Large Corporate 20-Mar-2024
China's solar capacity growth could slow in 2024 to 31%, a solar manufacturing association said on W...
China 29-Feb-2024
Deputy Chief Minister M. Bhatti Vikramarka, in charge of Finance and Energy in Telangana, expressed...
Notification 27-Jan-2024