Insta
India Tells WTO It Wants To Retaliate Against US Tariffs On Steel, Aluminium
Swarajya Staff
May 20, 2018, 05:41 PM | Updated 05:41 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
India and the European Union (EU) have informed the World Trade Organization (WTO) that they want to retaliate against the imposition of high tariffs by US President Donald Trump on steel and aluminium and have provided the body with a list of items that could incur high tariffs in the process, Reuters has reported.
New Delhi has told WTO that Trump's steel tariffs could cost $134 million and aluminium tariffs a further $31 million, listing US exports of soya oil, palm oil and cashew nuts as its potential targets for retaliatory tariffs.
Retaliatory tariffs from India are expected to hurt US exporters, especially the soya oil industry. India imports 3.3 million tonnes of soya oil from the US every year. The US-China trade war has already hit soyabean exporters in the country.
India has said that the tariffs will come into effect on 21 June if the US fails to withdraw the tariffs it has imposed on import of steel and aluminium. EU may impose tariffs on rice, cranberries, bourbon, corn, peanut butter from 20 June.
The Trump administration had imposed 25 per cent tariff on steel and 10 per cent on aluminium in March, giving an exemption to its Mexico and Canada.
Apart from India and the EU, China, South Korea and Russia have told the WTO that they regard the tariffs as “safeguards” and are entitled to compensation.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.