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India revises import duties amid US steel tariff increment

India has revised its proposal at the WTO to impose retaliatory duties on the US, following a tariff hike on steel and aluminium imports. The US raised tariffs from 25 per cent to 50 per cent prompting India to consider suspension of concessions on American goods. The move comes amid ongoing trade negotiations

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Representational Image. File Pic

Representational Image. File Pic

Amid the ongoing trade deal talks, India has revised its proposal to impose retaliatory duties under the WTO (World Trade Organisation). India will be imposing duty norms, which will be against the US. The incremented duties on American tariffs will be on steel and aluminium in view of the further hike in duty by the Trump administration. 

As reported by the news agency PTI, the United States of America earlier imposed 25 per cent tariffs on imports of aluminium, steel, and derivative articles on March 12. Soon after, in a few days, on June 3, the taxes by the US were again hiked to 50 per cent, which impacted India’s steel export negatively. 

The World Trade Organisation, while addressing the scenario, expressed that "Without prejudice to its earlier notification to the Council for Trade in Goods and the Committee on Safeguards dated May 12, India reserves its right to adjust the products and tariff rates. This request is made in response to the increase in the tariff rate by the US from 25 per cent and valorem to 50 per cent."

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