&w=3840&q=100)
India may impose retaliatory duty as US rejects its WTO notice on Trump tariffs: Report
India issued a formal notice to the US at the WTO proposing retaliatory action, but the US rejected the move, stating that its tariffs were not 'safeguard' measures and ruled out any talks on the matter. read more
India may impose retaliatory duty as US rejects its WTO notice on Trump tariffs: Report. Reuters/File Photo
The US has rejected India's 9 May notice at the World Trade Organization (WTO), which proposed retaliatory action over high US import tariffs on steel and aluminium, Hindustan Times reported.
Washington stated that the tariffs were not safeguard measures, and therefore it would not engage in discussions with New Delhi on the issue, sources said on Sunday.
Given the situation, India may respond by suspending certain trade benefits for US goods—such as almonds and walnuts—and by increasing customs duties on American metal imports, sources told Hindustan Times.
STORY CONTINUES BELOW THIS AD
India's notice challenged the US decision of 10 February to impose a 25 per cent tariff on all steel and aluminium imports, effective from 12 March. The matter escalated further on 30 May, when the Trump administration doubled the tariffs to 50 per cent, effective 4 June, citing national security.
More from World
Mexicans elect judges in historic polls engulfed by the shadow of crime, corruption
In response to the US raising import duties on steel and aluminium to protect its domestic metal industry, India formally informed the WTO on 9 May that it could withdraw trade benefits granted to the US after 30 days, beginning 8 June.
In reaction to India's notice, the US informed the WTO on 22 May that India's proposed retaliation was not in line with global trade rules. Washington argued that its tariffs on metals were not 'safeguard' measures.
'Accordingly, there is no basis for India's proposal to suspend concessions or other obligations under Article 8.2 of the Agreement on Safeguards with respect to these measures,' it said in its latest communication to the WTO.
Claiming the tariffs are not safeguard measures, the US declined to hold talks with India to resolve the issue, effectively putting the next move in New Delhi's hands.
'The United States will not discuss the Section 232 tariffs under the Agreement on Safeguards as we do not view the tariffs as a safeguard measure,' the American communication to the multilateral body added.
STORY CONTINUES BELOW THIS AD
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
15 minutes ago
- Indian Express
Ex-Homeland Security official fights back against Trump's investigation order
A former Homeland Security official during President Donald Trump's first administration, who authored an anonymous op-ed sharply critical of the president, is calling on independent government watchdogs to investigate after Trump ordered the department to look into his government service. Miles Taylor was once chief of staff at the Department of Homeland Security and warned in an interview with The Associated Press of the far-reaching implications of Trump's April 9 memorandum. Wall Street drifts as most financial markets worldwide hold relatively steady It comes as the wait continues for more updates on President Trump's tariffs and how much they're affecting the economy. The S&P 500 was 0.4% higher in midday trading, coming off a modest gain that added to its stellar May. It's back within 3% of its all-time high set earlier this year after falling roughly 20% below two months ago. The Dow Jones Industrial Average was up 74 points, or 0.2%, as of 11:15 a.m. Eastern time, and the Nasdaq composite was 0.7% higher. Newark Mayor Ras Baraka sued Tuesday over his arrest on a trespassing charge, which was later dropped. Barak, who leads New Jersey's biggest city, is a candidate in a crowded primary field for the Democratic nomination for governor next Tuesday. The lawsuit against interim US Attorney for New Jersey Alina Habba coincided with the day early in-person voting began. The lawsuit seeks damages for 'false arrest and malicious prosecution,' and also accuses Habba of defamation for comments she made about his case. Citing a post on X in which Habba said Baraka 'committed trespass,' the lawsuit says Habba issued a 'defamatory statement' and authorized his 'false arrest' despite 'clear evidence that Mayor Baraka had not committed the petty offense of 'defiant trespass.'' The suit also names Ricky Patel, the Homeland Security Investigations agent in charge in Newark.? Read more about Newark Mayor Ras Baraka's lawsuit Thune says not extending debt limit would be 'incredibly consequential' As Senators negotiate Trump's legislation to cut taxes and policy programs, Senate Majority Leader John Thune said Tuesday morning that failing to extend the debt limit would be 'incredibly consequential in a very adverse way. So it's got to be done.' His comments come after Trump posted earlier in the day about Kentucky Sen. Rand Paul's opposition to the bill. Paul has said he won't vote for it if a debt limit extension is included. Trump said Paul 'has very little understanding' of the bill and 'loves voting 'NO' on everything.' Thune said 'failure is not an option' on the bill. 'We've got to get to 51,' he said. 'So we'll figure out the path forward to do that over the next couple of weeks.' Democratic lawmakers put estimate of blocked federal funds at $425 billion President Trump's administration has frozen at least $425 billion in federal funds already approved by Congress, according to tracking conducted by Democratic lawmakers on the House and Senate committees responsible for crafting spending bills. The lawmakers say the administration is brazenly violating federal laws and choking off critical investments in programs such as Head Start, local road and bridge projects and birth control and cancer screenings for hundreds of thousands of patients. 'This administration's unprecedented assault on our nation's spending laws is costing the American people dearly,' said Rep. Rosa DeLauro of Connecticut and Sen. Patty Murray of Washington, the top Democratic lawmakers on the House and Senate Appropriations committees. The lawmakers say the estimate is the minimum amount of funding the administration has frozen. They're maintaining a list of programs affected on the minority's committee websites. Trump's Tuesday schedule According to the White House, Trump has no public events scheduled for today. However, at 1 p.m., press secretary Karoline Leavitt will hold a press briefing. Trump is going after Sen. Rand Paul as he works to pass his big bill. The president fired off a series of angry posts on social media Tuesday morning about Paul's opposition to Trump's big tax breaks and spending cuts package. The Kentucky Republican is among GOP senators who have concerns about the likely deficit increases the bill will cause. Trump said Paul 'has very little understanding' of the bill and 'loves voting 'NO' on everything.' 'Rand votes NO on everything, but never has any practical or constructive ideas. His ideas are actually crazy (losers!),' the president wrote. He added that 'the people of Kentucky can't stand him.' Republican push for proof of citizenship to vote proves a tough sell in the states President Trump and congressional Republicans have made it a priority this year to require people to prove citizenship before they can register to vote. Turning that aspiration into reality has proved difficult. Trump's executive order directing a documentary, proof-of-citizenship requirement for federal elections has been blocked by a judge, while federal legislation to accomplish it doesn't appear to have the votes to pass in the Senate. At the same time, state-level efforts have found little success, even in places where Republicans control the legislature and governor's office. The most recent state effort to falter is in Texas, where a Senate bill failed to gain full legislative approval before lawmakers adjourned Monday. The Texas bill was one of the nation's most sweeping proof-of-citizenship proposals because it would have applied not only to new registrants but also to the state's roughly 18.6 million registered voters.? Read more about proof-of-citizenship voting US growth likely to slow to 1.6% this year, hobbled by Trump's trade wars, OECD says. The Organization for Economic Cooperation and Development forecast Tuesday that the U.S. economy — the world's largest — will slow further to just 1.5% in 2026. Trump's policies have raised average U.S. tariff rates from around 2.5% when he returned to the White House to 15.4%, the highest since 1938, according to the OECD. Tariffs raise costs for consumers and American manufacturers that rely on imported raw materials and components. World economic growth will slow to just 2.9% this year and stay there in 2026, according to the OECD's forecast. It marks a substantial deceleration from growth of 3.3% global growth last year and 3.4% in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily — though unspectacularly — in the face of global shocks such as the Covid-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. The remarks by US Energy Secretary Chris Wright came as he and two other Trump Cabinet members — Interior Secretary Doug Burgum and Environmental Protection Agency Administrator Lee Zeldin — visited Prudhoe Bay as part of a multiday trip aimed at highlighting Trump's push to expand oil and gas drilling, mining and logging in the state that drew criticism from environmentalists. During the trip, Burgum's agency announced plans to repeal Biden-era restrictions on future leasing and industrial development in portions of the National Petroleum Reserve-Alaska that are designated as special for their wildlife, subsistence or other values. Prosecutors said in a criminal complaint that Demetric D. Scott was behind a letter sent to state and federal officials with the return address and name of Ramon Morales Reyes. Scott was charged Monday with felony witness intimidation, identity theft and two counts of bail jumping. Immigration agents arrested Morales Reyes after he dropped his child off at school in Milwaukee. Homeland Security Secretary Kristi Noem announced the arrest, saying he had written a letter threatening to kill Trump and would 'self-deport' to Mexico. But the claim started to unravel as investigators talked to Morales Reyes. Morales Reyes is listed as a victim in the case involving Scott, who is awaiting trial in Milwaukee County Jail on armed robbery and aggravated battery charges. The trial is scheduled for July. A former Homeland Security official during Trump's first administration who authored an anonymous op-ed sharply critical of the president is calling on independent government watchdogs to investigate after Trump ordered the department to look into his government service. Miles Taylor, once chief of staff at the Department of Homeland Security, warned in an interview with The Associated Press of the far-reaching implications of Trump's April 9 memorandum, 'Addressing Risks Associated with an Egregious Leaker and Disseminator of Falsehoods,' when it comes to suppressing criticism of the president. That memo accused Taylor of concocting stories to sell his book and directed the secretary of Homeland Security and other government agencies to look into Taylor and strip him of any security clearances. Taylor sent a letter via email to the inspectors general at the Department of Justice and Homeland Security on Tuesday. 'I didn't commit any crime, and that's what's extraordinary about this. I can't think of any case where someone knows they're being investigated but has absolutely no idea what crime they allegedly committed. And it's because I didn't,' Taylor said.?
Time of India
24 minutes ago
- Time of India
Donald Trump Jr's reply to controversial question: 'Is that OK for your dad to have a meme coin?'
Donald Trump Jr comments on his father's memecoin $TRUMP. Donald Trump Jr was grilled on CNBC as he was asked about his opinion on his father President Donald Trump having a memecoin ($TRUMP) in his name. Memecoins have no value and no expectation of financial return, though they are considered as cryptocurrency. The memecoin, according to one recent estimate, has generated more than $320 million for the president and business entities connected to him. "Is that OK -- for your dad to have a meme coin?" Donald Trump Jr was asked. The president's son said the memecoin was launched before Trump's second term began. Defending his family's crypto business, Don Jr said it started out of necessity when the Trump family was de-banked. 'There was a time … I could call any single banker in New York City, they'd pick up the phone, I'd be able to get a loan for whatever real estate project I was doing across the street,' he said. 'Then we got into politics, and all of a sudden, they wouldn't take your call. You couldn't get financing. We were de-banked. And what I realized, and my brother realized — because we were the recipients of every subpoena imaginable — was that… we were actually just the top of this sort of pyramid scheme that we didn't realize we were a part of. That the financial system was totally un-democratized.' 'So we got into crypto not because it was like, 'Hey, this is the next cool thing.' We got into it out of necessity," Donald Trump Jr said. The interview turned combative with one of the hosts exclaiming that the memcoin situation is "as bad as Hunter's art". When Joe Biden was the president, Hunter Biden;s paintings were sold for upwards of $500,000. Don Jr said he is not involved in the meme coin business and he's more focused on bitcoin. 'No, I'm just saying for the reality of the meme coin is it's sort of a proof of concept that the crypto world understands…that the markets may not necessarily be fair,' Trump Jr said. "The traditional banking system may not be fair to them. So it's a proof-of-concept of what I think we can move the needle in crypto. And I think that's going to be the future of finance."
Mint
27 minutes ago
- Mint
OECD sees India growing 6.3% in FY26, projects global slowdown
New Delhi: The Organisation for Economic Co-operation and Development (OECD) on Tuesday lowered India's GDP growth rate a notch, as it projected global growth to slow down more than expected on account of Trump tariffs. The Paris-based OECD in its June Economic Outlook lowered India's growth rate to 6.3% in FY26 and 6.4% in FY27, compared with earlier projections, made in March, of 6.4% for FY26 and 6.6% for FY27. It projected global growth to slow to 2.9% in 2025 and 2026 from 3.3% in 2024, trimming its estimates from March. It said the US economy would grow only 1.6% in 2025 and 1.5% in 2026, citing US President Donald Trump's tariff announcements. Also read: India poised for growth amid global uncertainty, says finance ministry While private consumption in India is set to strengthen gradually, supported by rising real incomes, moderate inflation, tax cuts, and an improving labour market, investments will be buoyed by falling interest rates and strong public capital expenditure, the OECD report said. 'Monetary conditions remain restrictive, despite policy rate cuts in February and April. Headline inflation eased to 3.2% in April 2025 and is now within the central bank's target range of 4% (± 2%), largely due to a substantial moderation in food inflation, which accounts for nearly half of the CPI basket, and declining energy prices," it said. 'Easing food prices reflect a strong autumn harvest, and government interventions, such as export restrictions. As a major oil importer, India has benefited from lower global crude oil prices in recent months, which reduced domestic fuel costs and helped contain input costs in energy-intensive sectors such as transport, manufacturing, and agriculture," it added. However, the OECD warned that higher US tariffs could weigh on exports, while inflation is likely to remain near 4%, with risks from a weak monsoon or rising global commodity prices. Also read: India calls for end to export controls among BRICS nations Globally, rising trade barriers and policy uncertainty have hurt business and consumer confidence, leading the OECD to downgrade its growth forecast and warn of broad-based impacts on income and jobs. 'In the past few months, we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment," the report said. 'Weakened economic prospects will be felt around the world, with almost no exception. Lower growth and less trade will hit incomes and slow job growth," it added. India, facing potential GDP losses of up to 0.6% due to the Trump administration's escalated tariffs according to a Goldman Sachs analysis, is particularly vulnerable, especially in sectors like pharmaceuticals, textiles, and automobiles. In response, India is actively negotiating a bilateral trade agreement with the US, aiming to finalize it soon, to mitigate the impact and strengthen economic ties. 'Tariff increases and broader trade tensions may dampen investor sentiment, particularly in export-oriented sectors such as chemicals, textiles, and electronics. However, the overall GDP effects will be limited by the moderate share of exports in GDP, with merchandise exports towards the United States accounting for only 2.1% of GDP," the OECD report said. 'India has scope to accelerate trade liberalization, simplify customs procedures, and reduce tariffs. Further reforms are needed to improve the efficiency of logistics networks, upgrade digital infrastructure, and reduce regulatory uncertainty, especially in tax administration," it said. 'Enhancing the availability and accessibility of long-term finance, including through deepening capital markets and improving credit access for SMEs, would further strengthen the investment climate," it added. Also read: Centre eyes large dividend from public sector banks in FY25 Meanwhile, UBS on Tuesday upgraded India's FY26 GDP growth forecast to 6.4% from 6%, citing resilient domestic demand and potential trade gains, with stronger household consumption supported by favourable monsoon prospects and policy stimulus. India's Central government's economic outlook for FY26 is cautiously optimistic, with GDP growth forecast between 6.3% and 6.8%; the finance ministry expects to achieve the higher end if global conditions improve but remains confident of meeting the lower bound despite global challenges.
