&w=3840&q=100)
India proposes retaliatory duties against US's auto tariffs at WTO
'The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the United States. Without prejudice to the effective exercise of its right to suspend substantially equivalent obligations referred to in Article 8.2, AoS, India reserves its right to suspend concessions or other obligations after the expiration of thirty days from the date of this notification,' according to a WTO notification.
India further stated that the safeguard measures will impact $2.895 billion worth of Indian-origin auto product exports annually, with duties totalling $723.75 million. Therefore, India plans to suspend trade concessions of equivalent value in response.
Last month, India submitted a formal notification to the WTO under the Agreement on Safeguards, informing the multilateral trade body of its intention to suspend concessions under the agreement in response to tariffs imposed by the US on steel, aluminium, and their derivative products.
India's position is that the US tariffs—imposed under Section 232 of the US Trade Expansion Act of 1962—amount to safeguard measures under WTO rules, entitling India to withdraw equivalent concessions.
Currently, all eyes are on the announcement of the interim trade deal between both nations, as the 90-day pause on the US's plan to impose country-specific reciprocal tariffs ends on 9 July.
Both sides are aiming to finalise an 'early tranche' or the first part of a broader bilateral trade agreement (BTA), which was announced by Prime Minister Narendra Modi and US President Donald Trump in February.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
13 minutes ago
- India Gazette
153 countries importing toys from India: Piyush Goyal
New Delhi [India], July 4 (ANI): India's toy industry, once heavily dependent on imports, is now manufacturing domestically and exporting to 153 countries, Union Minister of Commerce and Industry, Piyush Goyal addressing the 16th Toy Biz International B2B Expo 2025 on Friday said as he highlighted this remarkable transformation. He said that this shift has been made possible through consistent policy support, the enforcement of quality standards, and the strengthening of local manufacturing clusters. The implementation of the Quality Control Order (QCO), he added, has helped make India a quality-conscious country and enabled domestic toy manufacturers to meet global benchmarks. The Minister stated that India's population of 1.4 billion offers a vast captive market, which creates a natural advantage for scaling up manufacturing. With this scale, the industry can achieve cost efficiency and become globally competitive. The large domestic market, he said, not only supports expansion but also acts as a foundation for international growth. To capture the global market, Goyal stressed the need for the industry to focus on good branding, attractive packaging, and strong product design. He said that if these three aspects are prioritised, Indian toys can gain stronger appeal across international markets. The growth of the toy industry, Goyal noted, reflects the broader journey of development in the country. He recalled that when Prime Minister Narendra Modi launched the Vocal for Local initiative, it was met with skepticism by many, as foreign products dominated consumer preference. However, under the vision of Atmanirbhar Bharat and the belief that Local can go Global, awareness and support for home-grown industries have steadily increased. Goyal stated that startups developing innovative toy concepts have received significant support through the Pradhan Mantri Mudra Yojana, which has now been extended to 20 years. This, he said, has provided access to collateral-free loans for small businesses. He further informed that to promote domestic production, 18 toy clusters across the country have been supported by the Ministry of MSME. To build on this progress, the Minister said that the government is planning to introduce a new promotional scheme for the toy sector. The scheme, he explained, will aim to help Indian toy manufacturers become world-class by enhancing design capabilities, ensuring quality manufacturing, strengthening packaging, and supporting brand building. With sustained focus on innovation, quality, and market development, Goyal expressed confidence that India's toy industry is poised to become a key player in the global market. (ANI)
India Gazette
16 minutes ago
- India Gazette
Quality of urban governance key to ease of living: Rajya Sabha Dy Chairman Harivansh
Manesar (Haryana) [India], July 4 (ANI): Rajya Sabha Deputy Chairman Harivansh addressed the valedictory session of the National Level Conference of Chairpersons of Urban Local Bodies in Manesar, Haryana on Friday. In his remarks, Deputy Chairman RS Harivansh touched upon the importance of civic governance in improving the quality of life and highlighted the broader objective of 'Ease of Living' set by Prime Minister Narendra Modi. Harivansh also lauded the innovative efforts of various Urban Local Bodies (ULBs) in addressing several local challenges through the use of technology and the efficient utilisation of available resources. 'Since 2014, alongside the emphasis on Ease of Doing Business, Prime Minister Narendra Modi has also worked towards Ease of Living. In this regard, the role of Urban Local bodies is even more important,' he added. Addressing various demands for civic amenities, providing easy access to essential services through digitisation, and building capacity in solid waste management are some steps where urban local bodies have a key role to play. He urged the heads of various urban bodies to make their governance more participatory by maintaining transparency in budget allocations and measuring their outcomes. In the past, there have been recommendations to improve the accounting and auditing standards of ULBs. In his remarks, Dy Chairman Rajya Sabha Harivansh spoke about the need for state governments to decentralise and empower local bodies to ensure the 73rd and 74th amendments to the constitution are implemented in letter and spirit. He said, 'Many states have not fully taken the recommendations of the State Finance Commissions to empower local bodies financially and administratively. It is the urban schemes planned by the Union Government and the efforts of the Union Finance Commission that have supported the implementation of key projects at the city level.' As cities increase their contribution to GDP, he urged the elected representatives of various cities to focus on preparing for future challenges. 'With the increase in economic activities in urban areas, our emissions will rise too. Therefore, addressing the concerns arising out of climate change and implementing sustainable practices in our urban areas are also important,' he said. In his concluding remarks, Harivansh stated that the governance of urban areas will be crucial in achieving the nation's goal of becoming a developed country by 2047. In this regard, governance should be more inclusive and participatory to make it a people's movement. The two-day programme held in Manesar was also addressed by Lok Sabha Speaker Om Birla and Chief Minister of Haryana, Nayab Singh Saini. The conference included presentations from various cities displaying best practices in different segments of civic governance. (ANI)
&w=3840&q=100)
First Post
16 minutes ago
- First Post
Trump to sign sweeping tax and spending cuts bill at July 4 White House ceremony
Trump is expected to sign the bill around 5 pm ET during a White House event celebrating the July 4 Independence Day holiday read more President Donald Trump is set to sign a sweeping tax and spending cuts package into law at a White House ceremony on Friday, following its narrow approval by the Republican-controlled House of Representatives. The legislation, which aims to fund Trump's immigration crackdown and make his 2017 tax cuts permanent, was passed by a tight 218-214 vote after a heated debate on the House floor. Critics warn the bill could cause millions of Americans to lose health insurance coverage. STORY CONTINUES BELOW THIS AD Trump is expected to sign the bill around 5 pm ET during a White House event celebrating the July 4 Independence Day holiday. The ceremony will reportedly feature a flyover by stealth bombers and fighter jets that participated in recent US strikes on Iranian nuclear facilities. The bill's passage marks a significant victory for Trump and his Republican allies, who argue that the legislation will stimulate economic growth. However, a nonpartisan analysis projects that it will add $3.4 trillion to the nation's $36.2 trillion debt, reported Reuters. Vice President JD Vance, who cast the tie-breaking vote to help the bill clear the Senate, said on Friday that the legislation supports Trump's goal of encouraging investment within the United States while discouraging investment abroad. 'We're going to look back on this, I really do think, as the beginning of the golden age of the United States of America,' Reuters quoted Vance as telling reporters during a visit to North Dakota. While some lawmakers in Trump's party expressed concerns over the bill's price tag and its hit to healthcare programs, in the end just two of the House's 220 Republicans voted against it, joining all 212 Democrats in opposition. The tense standoff over the bill included a record-long floor speech by House Democratic Leader Hakeem Jeffries, who spoke for eight hours and 46 minutes, blasting the bill as a giveaway to the wealthy that would strip low-income Americans of federally-backed health insurance and food aid benefits. With inputs from agencies
