India has said that according to WTO rules, it reserves the right to impose these counter-tariffs.
New Delhi: Trade tensions between India and the US have reached a new level. In response to President Donald Trump's imposition of 25 percent tariffs on steel and aluminum imports, India has proposed counter-tariffs at the World Trade Organization (WTO). According to India, the US tariffs are hurting Indian exports worth about $7.6 billion. Of course, the US has rejected India's proposal as baseless and told the WTO that there is no legal basis for India's counter-tariffs. This situation has complicated the current trade talks between the two countries, according to sources.
India has said that according to WTO rules, it reserves the right to impose these counter-tariffs. Through this step, India wants to protect its economic interests and counter the impact of the US tariffs. According to news agency sources, India gave a notice to the WTO on May 9. India said that if the issue is not resolved, it will have to cut off US benefits within a month of the notice. Before that deadline, the Donald Trump administration increased the tariff on steel and aluminum from 25 percent to 50 percent. After that, America also rejected India's notice. According to Washington, India's notice is against the rules related to multilateral trade. Not only that, Washington has also rejected all discussions with New Delhi on this issue.
There was no direct response from the Indian Ministry of Commerce on the rejection of the notice. However, according to sources, India is now considering imposing retaliatory taxes after the US rejected the notice. India-US talks are already underway on a bilateral trade agreement. US representatives may come to India this week to talk about this. At that time, India will propose that America reduce tariffs on steel and aluminum. Otherwise, India will increase tariffs on several products imported from America, including nuts.
Incidentally, on February 15, President Trump announced a 25 percent import tariff on steel and aluminum. Last Friday, Trump announced a sudden increase to 50 percent. The new tariff rate will take effect from Wednesday. Trump said, "This decision will revitalize the US steel industry. It will reduce dependence on China and strengthen national security." However, experts believe that although the target is China, it will also have an impact on India. America imports about $ 3 billion (about 26,250 crore taka) of steel from India annually. The amount of aluminum exports is slightly less than that.
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