India proposes retaliatory duties at WTO against US tariffs on autos
'India reserves the right to suspend concessions or other obligations … that are substantially equivalent to the adverse effects of the measure to India's trade,' the statement said.
According to the notification, the duty collected by the U.S. would amount to $725 million and New Delhi will impose an 'equivalent amount of duty collected from products originating in the United States'.
India proposes counter duties against US, notice to WTO shows
India did not specify the tariff rate or which goods it would levy duties on.
India is trying to clinch a trade deal with Washington before a July 9 deadline set by U.S. President Donald Trump, after which he has threatened to impose a 26% tariff on all imported Indian goods.
India has signalled it is ready to slash its high tariff rates for the U.S. but has not conceded on Washington's demands for opening up the agriculture and dairy sectors.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Birkenstock cracks down on fakes in India, court-ordered factory visits held, sources say
NEW DELHI: Indian court-appointed legal representatives inspected small-scale factories in recent weeks to seize suspected counterfeit Birkenstock footwear, after the German brand launched an infringement lawsuit, people familiar with the matter said. Birkenstock's case is occurring around the same time other shoemakers are in the news in India. Crocs this month secured a court nod to pursue a nine-year-old infringement case, while Prada is facing heat over showcasing sandals similar to ethnic Indian footwear without initially giving credit to India. Reuters is first to report the Indian case details related to Birkenstock sandals, which have evolved from a counterculture symbol to a trendy fashion item, and are also popular in India. In May, Birkenstock filed an infringement lawsuit in the Delhi High Court against four footwear traders, four factories and two unnamed individuals. Its complaint stated an internal investigation found counterfeits were being made in rural areas in and around the tourist hub of Agra, and sold locally and exported to other countries. On May 26, Delhi judge Saurabh Banerjee issued a confidential order that was only made public on the court's website last week. It said 10 local lawyers were appointed as commissioners to visit the suspected factories. The judge said commissioners can 'seize, pack and seal the infringing products', and his order included photographs that Birkenstock submitted showing the alleged counterfeit footwear and shoe boxes with the company's branding. The visits have been completed and reports were submitted confidentially to the judge, the three people familiar with the matter said on Saturday, asking to remain unidentified. The next hearing in the case is set for October 6. The visits were conducted in Agra, home to the Taj Mahal, and in India's capital New Delhi, the people said, declining to give further details from their inspection. Birkenstock did not respond to queries from Reuters and its lawyers from Delhi-based law firm Lall and Sethi declined to comment, citing the pending legal case. In his May order, Banerjee said he reviewed photographs and samples of the alleged counterfeit products in court, and they 'seem like a cheap knock off' of Birkenstock products. 'There is all likelihood of the public getting deceived … The differences, hardly if any, are not something which can be discernable to the naked eyes,' he wrote. Once popular with hippies, tech enthusiasts and medical professionals, Birkenstock gained widespread attention after Australian actress Margot Robbie wore a pair of pink Birkenstocks in the final scene of the 2023 hit movie 'Barbie'. In February, a German court said Birkenstock sandals do not qualify as art and are therefore not protected by copyright, dismissing a lawsuit brought by the German company. In India, Birkenstock footwear for women is priced between $46 and $233.
Express Tribune
3 hours ago
- Express Tribune
Israeli strikes kill 32 Palestinians as Israel signals readiness for ceasefire discussions
Listen to article At least 32 Palestinians have been killed in Israeli air strikes across the Gaza Strip since dawn today (Sunday), said hospital sources while Israel signalled readiness to resume indirect ceasefire discussions with Hamas in Doha. Medical sources in Gaza told Al Jazeera that 29 of the deceased were killed in Gaza City, which has faced some of the heaviest bombardment in recent days. The latest attacks came as Israel's cabinet, after five hours of heated debate, agreed to send negotiators to Doha for renewed ceasefire talks with Hamas. The decision followed mounting international pressure and growing concerns over the worsening humanitarian crisis in Gaza. Disagreements within Israel's leadership, particularly over control of aid distribution, had delayed the move. Israeli Prime Minister Benjamin Netanyahu's office said on Saturday that Hamas had made 'unacceptable' changes to the Qatari ceasefire proposal but he approved the sending of negotiators for indirect proximity talks. 'In light of an assessment of the situation, Prime Minister Benjamin Netanyahu has directed that the invitation to proximity talks be accepted and that the contacts for the return of our hostages – on the basis of the Qatari proposal that Israel has agreed to – be continued,' his office said. Read: Hamas seeks early Gaza ceasefire Hamas, for its part, described its response to mediators as 'positive' and reiterated its readiness to begin immediate negotiations on how to implement the ceasefire. Hamas has demanded that the United Nations be allowed to resume aid distribution across more than 400 points in Gaza, a system used before the collapse of the last ceasefire in March. Israel, however, seeks to maintain control through the Gaza Humanitarian Foundation. According to Al Jazeera, the negotiations in Doha will centre on a draft ceasefire proposal brokered by Qatari and Egyptian mediators. The proposal entails a 60-day ceasefire guaranteed by US President Donald Trump, the release of Israeli captives and the remains of others held by Hamas, and the immediate flow of aid through agreed channels, including the UN and Red Crescent. All Israeli military activity would cease across Gaza, with other operations paused for 10 hours daily. Talks for a permanent ceasefire will be due to begin immediately. Israel's war on Gaza Since October 2023, more than 57,300 Palestinians have been killed in Israeli operations in Gaza, most of them women and children, according to Palestinian authorities. Israel's actions in Gaza have drawn global scrutiny. The International Criminal Court issued arrest warrants last November for Netanyahu and former defence minister Yoav Gallant, accusing them of war crimes and crimes against humanity. Moreover, Israel is facing a genocide case at the International Court of Justice.
Business Recorder
4 hours ago
- Business Recorder
Investors head into Trump tariff deadline benumbed and blase
SINGAPORE/NEW YORK: Global investors are heading into U.S. President Donald Trump's Wednesday deadline for trade tariffs palpably unexcited and prepared for a range of benign scenarios that they believe are already priced in. Just days before the end of a 90-day pause he announced on his April 2 'Liberation Day' tariffs, Trump said the first batch of letters outlining the tariff levels they would face on exports to the United States would be sent to 12 countries on Monday. Investors who have been tracking this date for months expect more details to emerge in the coming days and protracted uncertainty too, anticipating Trump will not be able to complete deals with all of America's trading partners in the coming week. And they are not overly concerned. 'The market has gotten much more comfortable, more sanguine, when it comes to tariff news,' said Jeff Blazek, co-chief investment officer of multi-asset at Neuberger Berman in New York. 'The markets think that there is enough 'squishiness' in the deadlines – absent any major surprise – to not be too unsettled by more tariff news and believe that the worst-case scenarios are off the table now.' Both the tariff levels and effective dates have become moving targets. Trump said on Friday that tariffs ranging up to 70% could go into effect on August 1, levels far higher than the 10%-50% range he announced in April. So far, the U.S. administration has a limited deal with Britain and an in-principle agreement with Vietnam. Deals that had been anticipated with India and Japan have failed to materialize, and there have been setbacks in talks with the European Union. World stocks are meanwhile at record highs, up 11% since April 2. They fell 14% in three trading sessions after that announcement but have since rallied 24%. 'If Liberation Day was the earthquake, the tariff letters will be the aftershocks. They won't quite have the same impact on markets even if they are higher than the earlier 10%,' said Rong Ren Goh, a portfolio manager in the fixed income team at Eastspring Investments in Singapore. 'This financial system is so inundated with liquidity that it is hard to cash up or delever at the risk of lagging the markets, with April serving as a painful reminder for many who derisked and were then forced to chase the relentless recovery in the subsequent weeks.' Taxes and the FED Investors have also been distracted by weeks of wrangling in Congress over Trump's massive tax and spending package, which he signed into law on Friday. Stock markets have celebrated the passage of the bill, which makes Trump's 2017 tax cuts permanent, while bond investors are wary the measures could add more than $3 trillion to the nation's $36.2 trillion debt. The S&P 500 and Nasdaq indexes closed at record highs on Friday, notching a third week of gains. Europe's STOXX 600 benchmark is up 9% in three months. Musk announces forming of 'America Party' in further break from Trump But the risks of tariff-related inflation have weighed on U.S. Treasuries and the dollar, and jostled expectations for Federal Reserve policy. Rate futures show traders no longer expect a Fed rate cut this month and are pricing in a total of just two quarter-point reductions by year-end. The dollar has suffered a knock to its haven reputation from the dithering on tariffs. The dollar index , which reflects the U.S. currency's performance against a basket of six others, has had its worst first half of the year since 1973, declining some 11%. It has fallen by 6.6% since April 2 alone. 'The markets are discounting a return to tariff levels of 35%, 40% or higher, and anticipating an across-the-board level of 10% or so,' said John Pantekidis, chief investment officer at TwinFocus in Boston. Pantekidis is cautiously optimistic about the outlook for U.S. stocks this year, but the one variable he is watching closely is interest rate levels. For now he expects to see interest rates dip in the second half, 'but if the bond market worries about the impact of the bill and rates go up, that's a different scenario.'
