The Indian government is closely monitoring the United States' recent imposition of additional duties on steel and aluminium imports, assessing potential impacts on domestic industries and bilateral trade relations.
Key Points:
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U.S. Tariffs Implemented: The United States has imposed additional duties on steel and aluminium imports from all countries, including India, without any exemptions.
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India's Response: Minister of State for Commerce and Industry, Jitin Prasada, informed the Rajya Sabha that the government is evaluating the effects of these enhanced duties. He clarified that, as of now, the U.S. has not imposed any country-specific or reciprocal tariffs targeting India.
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Ongoing Engagement: India remains engaged in discussions with U.S. counterparts to ensure fair trade practices. Both nations aim to more than double bilateral trade to $500 billion by 2030 under the "Mission 500" initiative, focusing on reducing tariff and non-tariff barriers, increasing market access, and improving supply chain integration.
Implications:
The U.S. tariffs could affect India's steel and aluminium exports, prompting the government to explore measures to mitigate potential impacts on domestic industries. Continuous dialogue between India and the U.S. is crucial to address trade imbalances and strengthen economic ties.