India considering tariffs on US goods to counter – Business News
India is considering putting tariffs on some goods produced within the U.S. to counter the Trump administration’s duties on metal and aluminum merchandise, in accordance to a doc submitted to the World Trade Organization.
“The proposed suspension of concessions or other obligations takes the form of an increase in tariffs on selected products originating in the United States,” the doc dated Monday reads.
The doc didn’t disclose what form of merchandise could also be slapped with tariffs.
In March, the Trump administration put 25% levies on metal and aluminum imports, which had been an extension of duties first imposed within the U.S.
President Donald Trump’s first administration.
India is the world’s second-largest producer of crude metal.
A doc despatched to the World Trade Organization reveals that India could place tariffs on sure goods produced to the U.S. REUTERS
The doc mentioned the potential countermeasures would influence $7.6 billion value of merchandise made in India which are imported into the U.S.
On high of the levies on metal and aluminum, the Trump administration has threatened reciprocal tariffs of 26% on India’s goods.
The two international locations are working to secure a commerce deal, with India offering to cut its tariff hole with the U.S. by two-thirds.
India, which has some of the world’s highest tariffs on imports, has beforehand been criticized by Trump for being a “tariff abuser.”
The notion of putting tariffs on sure U.S. goods is to counter the Trump administration putting tariffs on metal and aluminum merchandise. AFP through Getty Images
The Asian nation has additionally imposed tariffs on metal from different nations.
Last month, it imposed 12% short-term tariffs to curb imports of low-cost metal, primarily from China.
While it seeks to stem provide domestically, India can also be working to secure higher entry for its metal exports by commerce talks with companion international locations.
Reuters contributed to this report.
