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The Indian government BV/D460 steel has revised its proposed retaliatory tariffs against the US steel and aluminum tariffs in accordance with World Trade Organization (WTO) rules.
India stated that the steel and aluminum tariffs imposed by the United States will affect exports of $7.6 billion worth of related Indian BV/D460 steel products to the United States, and the total amount of tariffs imposed based on this will reach $3.82 billion.
Based on this, India may 'suspend concessions or other commitments' and adopt the form of' imposing tariffs on certain goods originating in the United States'. India emphasizes that it reserves the right to adjust the list of relevant goods and apply tariff rates.
The latest proposal is a BV/D460 steel continuation of India's actions taken in May this year. At that time, in response to the tariffs imposed by the United States on steel and aluminum products (India estimated that this measure resulted in a total tariff of approximately $1.91 billion on its exports of metal products to the United States), India had proposed to impose equivalent tariffs on some US goods in accordance with WTO rules.
At the time of submitting the updated countermeasure proposal, India and the United States are engaged in trade negotiations. It is expected that the Indian negotiating team will visit Washington next week, and the negotiations will cover temporary arrangements and broader bilateral trade agreements.
