India has notified the World Trade Organization of its plan to impose retaliatory tariffs on certain US products, in response to US measures increasing tariffs on automobiles and auto parts imported from India.
Indian media reported on the 4th that India stated in the notification that the US tariff hike violates WTO rules and has a significant impact on bilateral trade. In accordance with WTO regulations, India has suspended equivalent tariff concessions and reserves the right to adjust the list of targeted products and tariff levels.
The 90-day grace period for the so-called US “reciprocal tariffs” will end on July 9. Currently, India and the US are still negotiating trade terms.
India's Minister of Commerce and Industry, Piyush Goyal, said on the 4th that any trade agreement India is prepared to reach must be in line with the country's interests, and not just to meet a deadline.
According to reports, one of the main points of disagreement in India-US trade talks is India's reluctance to open its agricultural and dairy markets.