The document states that India바카라s move involves suspending certain concessions and increasing tariffs on selected US products.
India has proposed new tariffs on select US goods as its first retaliation against President Donald Trump바카라s steel and aluminum tariffs, according to reports from Bloomberg and Reuters. The proposed measures, detailed in a document submitted to the World Trade Organization (WTO), come as the two nations edge closer to finalizing a trade deal.
The document, dated May 12, states that India바카라s move involves suspending certain concessions and increasing tariffs on selected US products. However, it did not specify which goods would be targeted.
This action follows the imposition of 25 percent tariffs by the US on steel and aluminum imports in March, a policy that was initially introduced in 2018 during Trump바카라s first term. The US tariffs have been a source of tension between the two countries, with India claiming that these duties impact $7.6 billion worth of Indian exports to the US.
In addition to the steel and aluminum levies, Trump바카라s administration has threatened to impose 26 percent reciprocal tariffs on Indian goods, exacerbating trade friction. Despite these tensions, India is still in negotiations with the US to finalize a trade deal, with New Delhi proposing a reduction in its tariff gap by two-thirds.
India has some of the world바카라s highest import tariffs, and Trump has previously criticized the country as a 바카라tariff abuser.바카라 Last month, India imposed temporary 12 percent tariffs on cheap steel imports, mainly from China, to protect its domestic steel industry.
The proposed retaliatory tariffs come at a critical time, as both countries work towards a broader free trade agreement, expected to be finalized by the fall. However, experts warn that this retaliation could complicate negotiations.