India To Impose Retaliatory Measures On EU Steel Tariffs
These measures come after five years of India's exports being impacted by the EU's tariffs
India has informed the World Trade Organisation (WTO) of its decision to impose retaliatory measures against the European Union (EU) in response to steel tariffs that have been in effect since 2018 and extended until June 2026. This move follows the failure of bilateral negotiations with the EU earlier this year.
While India has not disclosed specific details of the retaliatory measures, it announced plans to "increase tariffs on select products originating in the EU." These measures come after five years of India's exports being impacted by the EU's tariffs, with approximately USD 4.4 billion worth of exports affected, and the EU collecting USD 1.1 billion in import duties during this period.
India is seeking to impose equivalent duties on EU-originating goods. "The safeguard measures from 2018 to 2023 have caused a cumulative trade loss for India amounting to USD 4.412 billion, with duty collections totalling USD 1.103 billion. India's proposed suspension of concessions would result in an equivalent amount of duty collected from EU products," India informed the WTO on Thursday.
