Brief by Shorts91 Newsdesk / 10:26am on 13 May 2025,Tuesday International
India has notified the World Trade Organization (WTO) of its intention to impose retaliatory tariffs on select U.S. products, countering the 25% levies reinstated by the U.S. on steel and aluminium imports in March 2025. These U.S. tariffs affect $7.6 billion worth of Indian exports. India's move comes amid ongoing trade negotiations, where it has offered to reduce its tariff gap with the U.S. from nearly 13% to under 4%, seeking preferential market access for its key export sectors. Additionally, India has recently imposed a temporary 12% duty on imported low-cost Chinese steel to protect its domestic industry. The two nations aim to finalize a trade deal soon. (PC: Bloomberg)
