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India has notified the World Trade Organization(WTO) of its plan to impose $3.82 billion in additional import tariffs in response to America's increased steel and aluminum duties. This escalation comes amid ongoing bilateral trade agreement discusssions between the two nations.
This is'nt the first tariff battle between India and the US. In 2018, the first Trump administration had imposed 25% additional duties on steel and aluminum, with India retaliating in 2019 by imposing additional tariffs on imports from the US including almonds, apples and agricultural products.
Interestingly, in 2023, during Prime Minister Narendra Modi visit ti the US under Joe Biden's presidency, both sides agreed to end all their disputes at the WTO including the steel and aluminum tariffs by resolving WTO disputes through negotiations.
But the United States has raised taxes on steel, aluminum, and their derivatives from 25% to 50% on June 3, prompting India's retaliatory measures.The Indian Government maintains that the US has not notified these measures to the WTO, as required, despite their classification as safeguard measures.
The new US duties will affect $7.6 billion of Indian exports to the US, significantly impacting trade relations between the world's largest democracies. India's notification to the WTO reserves its right to suspend trade concessions after a 30-day period from the announcement date. By initiating this action, India signals its commitment to fair trade and its willingness to defend national economic interests through established global frameworks. The tariffs could be enforced within 30 days of notification, pending further developments.
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