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India to impose retaliatory tariffs on U.S. goods.
Move counters U.S. steel & aluminium duties.
May affect ongoing trade talks with the U.S.
India has formally notified the World Trade Organization (WTO) of its intention to impose retaliatory tariffs on select U.S. imports. This move comes in response to the United States' continued imposition of safeguard tariffs on steel and aluminium products, which India contends adversely affect its export sector.
According to the notification submitted to the WTO on May 12, India asserts that the U.S. tariffs impact approximately $7.6 billion worth of Indian exports, leading to an estimated $1.91 billion in additional duties. India's proposed countermeasures aim to offset these effects by suspending equivalent trade concessions previously extended to the U.S.
While the specific U.S. products targeted for increased tariffs have not been disclosed, India's action underscores its stance that the U.S. measures are inconsistent with the General Agreement on Tariffs and Trade (GATT) 1994 and the Agreement on Safeguards. India had sought consultations with the U.S. in April, but with no resolution reached, it now reserves the right to implement these retaliatory duties after a 30-day period. lizing a bilateral trade agreement. Analysts caution that the proposed tariffs could complicate these discussions and potentially strain bilateral trade relations.
Also Read : US Open to Talks with India on Steel and Aluminium Tariffs But Not Through WTO Trump’s 26% Tariff on Indian Goods: A Trade War Brewing?
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