India gets ready to teach Trump a lesson! Modi govt may impose huge tariff on many items, check full list here
Now, it has been reported that India is preparing to respond to US President Donald Trump's tariffs. India is considering imposing tariffs on select US goods in response to the US imposing a 50 percent duty on steel, aluminum, and other products imported from India. This was reported by the Hindustan Times. According to the report, if it is approved, it will be India's first formal retaliatory action after US President Donald Trump announced a 25 percent tariff on all Indian goods on July 31, followed by 25 percent additional tariff on India for purchasing Russian oil. What is the dispute over steel and aluminium?
The dispute over steel and aluminium has been smouldering since February, when the Trump administration imposed a 25 percent tariff on these metals. In June, the duty was doubled to 50 percent. This has affected Indian exports worth at least $ 7.6 billion. What will be India's retaliatory action against the US?
According to the report, India sought consultation from the World Trade Organisation (WTO), arguing that these measures were disguised as 'national security' measures but were, in fact, not WTO-compliant safeguard duties. New Delhi has now laid the legal groundwork for retaliatory action under WTO rules after Washington refused to negotiate.
'The US is not willing to address India's concerns through negotiations, leaving India with no option but to retaliate,' Hindustan Times quoted sources as saying. Retaliatory action could begin by imposing duties on certain US goods in proportion to the damage caused by the US tariffs.
'The US continues to act unjustly against India's economic interests even though the two countries are negotiating a bilateral trade agreement,' another official told HT. He further added that India 'reserves the right to respond to the unilateral and unjustified actions of the US.'
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