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India Proposes Retaliatory Tariffs on Select US Goods to Counter US Tariff on Steel, Aluminium
OutlookIndia
·
3m ago
Medial
India plans to impose retaliatory tariffs on certain U.S. goods in response to the U.S. levying duties on Indian steel and aluminum. The U.S. imposed a 25% tariff on Indian imports, potentially collecting $1.9 billion over $7.6 billion worth of goods. India notified the World Trade Organization about its intention to counter these measures, which were initiated under the Trump administration. The U.S. justifies these tariffs on national security grounds, complicating ongoing trade negotiations between the two nations.
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Have India-U.S. trade talks hit a rough patch? WTO filing signals hardening New Delhi stance
Business Today
·
3m ago
Medial
India has notified the WTO of its plan to suspend trade concessions on $1.91 billion of U.S. goods in response to U.S. tariffs on aluminium and steel, which India claims breach trade rules. This move follows stalled trade negotiations with the U.S., highlighting increasing tensions. India accuses the U.S. of bypassing safeguard rules and causing economic losses. Retaliatory tariffs will take effect unless resolved within 30 days, with potential revisions to targeted goods.
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At WTO, India proposes retaliatory duties against US over auto tariffs
Economic Times
·
1m ago
Medial
India has proposed retaliatory duties against the US at the WTO due to American tariffs on the automobile sector, claiming they contravene GATT 1994 and the Agreement on Safeguards. These US measures affect approximately USD 2,895 million in Indian imports annually, with projected duties of USD 723.75 million. India's retaliatory duties would match this amount. This development comes amid ongoing India-US negotiations for a trade agreement, following India's previous measures against US steel and aluminum tariffs.
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India has 'no basis' to seek WTO consultations on auto tariffs: US
Economic Times
·
2m ago
Medial
India has sought consultations with the US at the WTO over increased tariffs on automobiles and parts, implemented under Section 232 for national security. The US argues there's "no basis" for India's consultation request under the Agreement on Safeguards, as these tariffs aren't safeguard measures. The dispute arises as both nations negotiate a Bilateral Trade Agreement. Previously, India proposed retaliatory duties on US products due to similar US tariffs on steel and aluminum.
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Wall Street futures tumble as China hits back with tariffs
Business Today
·
4m ago
Medial
China announced retaliatory tariffs on all U.S. goods starting April 10, leading to significant declines in U.S. stock futures. S&P 500 futures fell by 1.24%, Nasdaq 100 by 1.22%, and Dow by 1.41%, marking the largest one-day drop since June 2020. The S&P 500 ended down 4.8%, closing at 5,396.52 points. China's tariff on U.S. goods stands at 34%, with new tariffs totaling 54%, affecting U.S. annual sales to China.
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Trump tariffs deal $12-billion blow to Indian engineering exports; EEPC eyes market diversification
Economic Times
·
28d ago
Medial
Indian engineering goods exporters face a $12 billion impact from a 25% US tariff starting August 1, affecting over 60% of India's engineering shipments, primarily steel and aluminium products. The move threatens India's largest export market, spurring strategies to diversify into South America and Mexico. While industry analysts foresee shipment declines, EEPC actively explores risk mitigation. Exporters are advised caution until further clarity on penalties and potential trade agreements emerges.
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Last-ditch efforts on to avoid higher US tariffs as India pushes for trade pact: Sources
Economic Times
·
1m ago
Medial
India and the US are in last-minute negotiations to finalize an interim trade deal before the August 1 deadline, avoiding increased US tariffs. The US tariffs, initially suspended, are set to resume without an agreement. India seeks concessions on tariffs particularly affecting sectors like steel, aluminum, and textiles, while the US desires reduced duties on industrial goods and agricultural products. The talks aim to resolve trade barriers and finalize some agreements by fall 2023.
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US chipmakers outsourcing manufacturing will escape China's tariffs
Economic Times
·
4m ago
Medial
US chipmakers outsourcing manufacturing, like Qualcomm and AMD, are exempt from China's retaliatory tariffs, as chips are classified by the wafer fabrication plant's location. For chips made by companies like Intel with US-based plants, tariffs may be applied. This distinction follows China's tariff increase on US imports, impacting the industry, and potentially benefiting China's domestic chipmaking as foreign companies might adopt a "China for China" strategy, enhancing local supply chains.
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Donald Trump's US tariffs may impact India’s GDP by 0.1-0.6%: Goldman Sachs
Business Today
·
6m ago
Medial
Goldman Sachs suggests India's GDP could decrease by 0.1 to 0.6 percentage points if the US, under President Trump's administration, raises tariffs on all US imports to align with the tariff differential between India and the US. President Trump emphasized a new trade policy prioritizing fairness and reciprocity, indicating the US would implement reciprocal tariffs to mirror the tariffs other countries impose on American goods, potentially impacting global trade dynamics.
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Donald Trump signs memo to impose retaliatory tariffs for digital taxes
Economic Times
·
6m ago
Medial
President Donald Trump signed a memo to impose tariffs on countries taxing U.S. tech firms via digital service taxes (DSTs). The administration aims to counter this by considering tariffs and other measures. Countries like Britain, France, and India impose these taxes on American giants like Google and Amazon. Although President Biden pursued negotiations on a global tax deal, Trump plans to potentially reactivate retaliatory tariffs on imports, aiming to restore fairness in international trade.
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India-US levy hotline remains open
Economic Times
·
2d ago
Medial
India and the US are maintaining communication to resolve tariff disputes, stemming from a 50% US tariff on Indian goods effective August 27. The negotiations on a Bilateral Trade Agreement (BTA) aim to double trade to $500 billion by 2030. Despite recent challenges, exports remain robust, with officials assuring minimal impact due to India's diversified exports. The US seeks reduced tariffs on specific products, while India prioritizes safeguarding its farmers' and national interests.
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