India is set to retaliate against the European Union’s (EU) steel tariffs, claiming losses amounting to $4 billion. The EU imposed these tariffs in an effort to protect its own steel industry from surges in imports. However, India argues that the move has adversely impacted its steel exports, which have faced steep declines as a result of the new duties.
Source:- bbc news
The Indian government is reportedly exploring multiple avenues for retaliation, including taking the issue to the World Trade Organization (WTO) and imposing reciprocal tariffs on European goods. These measures are intended to offset the losses Indian steel exporters have faced due to the EU’s protectionist policies.
Source:- bbc news
India’s steel industry, one of the country’s key economic sectors, has been striving to boost exports, with Europe being a significant market. The recent tariffs have disrupted this trade flow, pushing the government to consider retaliatory steps. A spokesperson for the Ministry of Commerce stated, “India has always advocated for free and fair trade practices, but these unjustified measures taken by the EU have forced us to reassess our trade relationship.”
The situation has also drawn concern from Indian steel producers, who have urged the government to take swift action. The retaliatory tariffs India is contemplating are seen as a necessary step to safeguard domestic interests, but there are fears this could escalate into a broader trade conflict between the two regions.
Both sides remain in a delicate negotiation phase, and the outcome could have significant implications for the global steel market and India-EU trade relations. It is expected that both countries will seek a resolution, but the current standoff highlights the rising tensions in global trade protectionism.
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