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India Lists Taxes to Retaliation for U.S. Steel Aluminum Tariffs

  • Author:Dong Xing
  • Release on:2018-05-21
Following the EU and Japan, India also took action to demonstrate its resolve to retaliate against US steel and aluminum tariffs.

US time Friday, May 18, Japan, WTO documents show that both India and the European Union submitted to the WTO a list of US products that may be subject to high tariffs as a retaliation against the Trump administration’s import of steel and aluminum tariffs(3003 aluminum foil on sale) to the United States. .
India indicated that steel and aluminum tariffs led to the increase of US$134 million and US$31 million in tariffs for steel and aluminum products exported to the United States from India. The listed commodities to be taxed in the United States include soybean oil, palm oil, and cashew nuts.

The EU said that its exports of steel and aluminum products to the United States increased tariffs by 1.5 billion U.S. dollars and 100 million U.S. dollars, respectively. The listed products that may be taxed in the United States include rice, corn, peanut oil, cranberry, bourbon whisky, and steel products.

The above actions by India and the EU are not unexpected. Before India considered the WTO complaint, the European Union has recently passed a decree to prepare for taxation.

Wall Street News last month quoted media sources saying that if the United States can not exempt the steel and aluminum tariffs(3104 aluminum strip on sale), India will file a trade dispute lawsuit at the WTO, and may also consider temporarily increasing the tariffs on some US goods.

India is the ninth largest steel exporter in the world, but the United States is not the main market for Indian steel. As of the third quarter of last year, India's steel exports to the United States accounted for about 5% of total exports. However, pipeline products imported from the United States account for more than 30% of Indian exports. The steel and aluminum tariffs will seriously restrict the export of Indian pipelines.

Wall Street news this week mentioned that the European Commission has issued a law that is expected to impose a 25% tariff on 2.8 billion euros (3.3 billion US dollars) of US goods as of June 20.

The European Commission also threatened that if the United States imposes a 25% tariff on other EU steel products and imposes a 10% tariff on EU Aluminum coating coil 1100, then the EU may expand its retaliatory actions in the subsequent stages.