India to remove retaliatory tariffs imposed on aluminium and steel products

2023-06-24 11:45:17 來源: 九商云匯

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India and the United States have agreed to settle six trade issues at the World Trade Organisation (WTO), and New Delhi would also reduce retaliatory customs tariffs on 28 American items such as almonds, walnuts, and apples. Based on national security, the United States levied 25 per cent and 10 per cent import taxes on specific aluminium and steel goods, respectively in 2018. In return, India imposed tariffs on 28 American items in June 2019, including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents.Three of the six conflicts were launched by India, and the same number by the United States. The settlement announcement was announced amid Prime Minister Narendra Modi"s State Visit to the United States, which he is doing at the request of President Joe Biden and First Lady Jill Biden."The United States and the Republic of India have agreed to terminate six outstanding disputes at the World Trade Organization. India also agreed to remove retaliatory tariffs which it had imposed in response to the Section 232 national security measures on steel and aluminium," said "United States Trade Representative Katherine Tai.India launched three of the six conflicts, and the United States launched the same number. In 2018, then-US President Donald Trump levied these charges using Section 232 of a legislation that allows the president to impose import restrictions. Countervailing measures on certain hot-rolled carbon steel flat products from India, steel and aluminium product measures, solar cell and module measures, renewable energy sector measures, export-related measures, and additional duties on some US products are among the six disputes.""Today"s agreement represents the culmination of intensified bilateral engagement over the last two years, including through the US-India Trade Policy Forum, to deepen our economic and trade ties. As a result of our work, US agricultural producers and manufacturers will now enjoy renewed access to a critical global market and we will strengthen our trade relationship with one of our closest partners. I look forward to continuing to work with my counterpart, (India"s Commerce and Industry) Minister (Piyush) Goyal, as we identify additional ways to bring our people and our economies together,"" added Katherine Tai.

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