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India has reportedly notified the World Trade Organization (WTO) of its intention to impose retaliatory tariffs against the United States, following Washington’s decision to enforce a 25% import duty on foreign-made automobiles and auto components.
According to the notification, the Indian government estimates that the new U.S. tariff would impact approximately $2.89 billion worth of Indian exports, reports Reuters.
In response, New Delhi plans to implement countermeasures equivalent to the projected $725 million in duties collected by the U.S.
Also Read: Trump Says US Will Raise Tariffs To Up To 70% As July 9 Deadline Looms
Bloomberg quoted Piyush Goyal, India’s trade minister, “Free trade agreements are only possible when it’s win-win for both nations.” India is negotiating on its own terms and won’t be driven by external deadlines, the minister said.
Though India has yet to detail the specific goods or rates it will target with these retaliatory measures, the move comes at a critical moment. Both countries are racing to conclude a bilateral trade agreement before a self-imposed July 9 deadline set by President Donald Trump.
Trump has threatened a sweeping 26% tariff on all Indian imports should the negotiations fail.
New Delhi has expressed willingness to lower some tariffs to ease trade tensions.
However, India continues to resist U.S. pressure to open its agricultural and dairy sectors—longstanding points of contention in previous trade discussions, Reuters adds.
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Image: Shutterstock/Mc_Cloud
