New Delhi is making a bold statement in global trade. Facing a 25% tariff on automobiles and select auto parts that affects $2.89 billion of its exports, India is proposing retaliatory duties at the World Trade Organization (WTO) to guard its economic interests.
The official notification reveals that the duty collected by the U.S. amounts to $725 million. In response, India plans to impose an equivalent duty on products of U.S. origin, signaling a clear tit-for-tat strategy. 🚗⚖️
Trade Minister Piyush Goyal emphasized that national interest is paramount. While India is open to making beneficial trade deals, it insists that such agreements must be finalized on favorable terms rather than rushed to meet deadlines.
The move comes at a time when bilateral trade between India and the U.S. reached roughly $129 billion in 2024, with Indian exports to the U.S. showing robust growth. This dynamic shift highlights the evolving landscape of international trade negotiations.
As the trade drama unfolds, it serves as a reminder that in the world of global commerce, bold moves and smart strategies can pave the way for future breakthroughs. Stay tuned for more updates on this exciting chapter in trade relations! 🌏💼
Reference(s):
India proposes retaliatory duties at WTO over U.S. auto tariffs
cgtn.com
