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India proposes retaliatory tariffs on 29 U.S. products.
Move counters U.S. duties on Indian steel and aluminium exports.
Aims to address $7.6 billion in affected exports.
India has notified the World Trade Organization (WTO) of its intention to impose retaliatory tariffs on select U.S. products. This action responds to the United States' recent safeguard duties on Indian steel and aluminium exports, which India contends affect approximately $7.6 billion worth of its exports.
The proposed retaliatory measures target 29 American goods, including agricultural products like apples, almonds, and pears, as well as certain iron and steel items. India estimates that the U.S. tariffs could result in duty collections of around $1.9 billion on its exports.
This development occurs amid ongoing trade negotiations between the two countries. India has offered to reduce tariff disparities as part of efforts to finalize a bilateral trade agreement.
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