India’s Ministry of Commerce along with the Department of Revenue at the Ministry of Finance will this week complete a list of retaliatory tariffs to be imposed on imports from the US in response to the Section 232 tariffs on steel and aluminum imports, Indian government officials said on Wednesday, June 20.
The completion of the list by this week will envisage an estimated impact of $240 million on imports from the US and will be so levied that it will be commensurate to the impact of Indian exports of steel and aluminum to the US following the Trump Administration’s levy of its 25 percent tariff on steel and 10 percent on aluminum exports from India, the officials added.
The Indian retaliatory measures has already been conveyed to the WTO and are expected to be put into effect even as a delegation of US officials are scheduled to arrive in India before the end of June to discuss various trade issues between the two countries, the officials said.
It has been indicated that the Indian government will keep all options open to increase the list of items imported from the US attracting higher tariffs or keep the window open for a reduction in tariffs depending on the response of the US government during the upcoming trade negotiations.
