India Proposes WTO Tariffs on EU Amid Steel Safeguards Dispute

India has proposed the imposition of retaliatory customs duties on certain EU imports due to a failure to reach consensus on the EU's safeguard measures on some steel products. This move follows a significant trade loss for India and aims to balance the financial impact of EU's measures.

India has put forward a proposal to impose retaliatory customs duties on selected European Union (EU) imports under World Trade Organisation (WTO) norms. This development arises from the two parties' inability to agree on the EU's safeguard measures for some steel products.

In communication to the WTO, India indicated that the proposed suspension of concessions would take the form of increased tariffs on specific EU-originating products. This action responds to a cumulative trade loss of $4.412 billion from 2018 to 2023 due to the EU's measures, with potential duty collections amounting to $1.103 billion.

The European Union recently extended its safeguard duties on certain steel products until 2026, impacting India's steel exports. India remains steadfast in protecting its trade interests and has indicated readiness to adjust tariffs and products accordingly while notifying relevant WTO committees.

(With inputs from agencies.)