India has informed the World Trade Organization (WTO) of its decision to impose duties on 29 US goods in retaliation for the latter's increase in tariffs on steel and aluminium imports to the country, The Economic Times reported.
The decision to impose Indian duties will take effect 30 days after the WTO receives notification of this decision from New Delhi. However, India reserves the right to withdraw or amend its notification of duties within the WTO.
India's counter-tariffs under the WTO will affect exports to the United States of boric acid, steel products, antifreeze and certain types of dried fruits. The imposition of such duties worth 1.91 billion USD will bring the total value of Indian exports to 7.6 billion USD, which is equal to the increased cost of importing American steel and aluminum.
The United States raised tariffs by 25% on steel and aluminum exports without prior consultation with India on March 12. In response to India's request, Washington said that the measure to regulate the export of these products was taken to "protect US national security".
Earlier, Bloomberg reported that the United States and India had finalized the terms of trade in goods in negotiations for a new agreement that should expand the volume of bilateral trade and their integration into supply chains.
The United States and India began discussing a bilateral trade agreement after Indian Prime Minister Narendra Modi's visit to the United States in early February. The United States is the republic's largest trading partner. Bilateral trade reached USD 129 billion in 2024 with a surplus of USD 45.7 billion in favor of India.