Steel rolls at the Posco-Indias processing centre in MIDC Talegaon at the outskirts of Pune. (ABHIJIT BHATLEKAR/Mint via GettyImages)Following the United States’ decision to impose steep tariff on the import of steel and aluminium last month, India has taken up the matter with the World Trade Organisation (WTO) after bilateral talks between the two nations went nowhere, reports The Hindu Business Line. India has sought discussions for adequate compensation for losses due to the high tariffs of 10 per cent on aluminium and 25 per cent on steel.
However, India hopes to solve the matter with high level consultations with the United States without having to resort to going towards a dispute resolution panel.
India is clear it in no way deserves to be saddled with the 10 per cent higher import duty on aluminium and 25 per cent duty on steel as it neither poses a security threat to the US nor has it remained unresponsive to the bilateral trade imbalance. If the higher duties on the two items are not rolled back, India has to be compensated as per WTO rules.A government of India official
India said that it considers the US action to be an emergency or safeguard measure under the Agreement of Safeguards in its submission to the WTO Committee on Safeguards. India also said that it reserves the right to raise additional issues and make further arguments.
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