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Date: 18/10/2024

India proposes $1.1 bn retaliation against EU’s steel tariffs

India has informed the World Trade Organisation (WTO) that it has decided to impose retaliatory measures against the European Union’s (EU’s) steel tariffs that have been in effect since 2018 and were extended till June 2026. India said that from the year 2018 to 2023 the safeguard measures have resulted in cumulative trade loss for India to the tune of $4.412 billion on which the duty collection would be $1.103 billion.  Accordingly, India’s proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the EU, India informed the WTO. India reserves its right to effectuate the proposed suspension immediately and adjust the products as well as the tariff rates, New Delhi said, adding that it will inform the WTO on the next appropriate steps, as per a report.
 
Source: Exim News Service: New Delhi, Oct. 17



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