Sources: US open to steel duty waiver for India if it lowers export volume

The Financial Express, India’s financial daily, quoted unnamed sources, as saying the US has indicated that it will consider a waiver to India from its 25% additional tariff on steel, provided New Delhi offers an acceptable proposal to lower the volume of its supplies of the metal to the world’s biggest economy.

Key Details:

“New Delhi has estimated that the US could mop up $198.6 million from additional duty on steel and $42.4 million on aluminum. Its submission to the WTO was based on the fact that the US imported Indian steel worth $794.6 million and aluminum worth $424.3 million in 2017.

Accordingly, New Delhi has notified retaliatory plans — the duty on American apples will be raised by 25% and almonds by 20%. Among other items, India has notified an extra tariff of 10% on diagnostic reagent and binders for foundry molds, 15% on certain steel products, 10% on select pulses and 15% on phosphoric acid. These duties are proposed to be made effective from August 4 unless both countries work out a solution.”