India and the US have settled terms for monitoring Indian steel and aluminum exports without added duties, reports Financial Express. The agreement follows the resolution of bilateral trade disputes during PM Modi's visit to Washington in June 2023. The US has approved 336,000 metric tons of Indian steel and aluminum, lifting tariffs imposed under a Trump-era national security law in 2018.
India and the US have reached an accord concerning the supervision of India's steel and aluminum exports. This mutual understanding was established subsequent to the conclusion of ongoing trade disputes at the World Trade Organization during Prime Minister Narendra Modi’s official visit to Washington in June 2023.
The Indian department of commerce has finalized the details for overseeing the export of specific steel and aluminum products to the US. This agreement ensures that these exports won't be subjected to additional duties. A senior official confirmed that the US has expressed its agreement with the proposed terms, solidifying the understanding between both nations.
The US has agreed to admit 336,000 metric tons of steel and aluminum from India without imposing extra duties. Initially imposed by the Trump administration in 2018 under a national security law, these tariffs, set at 25% and 10% for certain steel and aluminum products respectively, were also applied to several other countries including China, Russia, Norway, Turkey, and Switzerland.
The agreement between India and the US marks a pivotal step in resolving trade disputes and fostering amicable trade relations. With the waiver of additional duties on steel and aluminum exports, both nations aim to strengthen economic ties and facilitate smoother trade interactions, enhancing the flow of goods between the two economies.