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On March 8, 2018, the US implemented security majority on some steel and aluminum products.
India has said that in response to the US tariff on steel and aluminum, the World Trade Organization (WTO) rules have been said to incur retailary. The US has been charging a tariff from 2018 on these products citing its business safety.
According to WTO, this will affect imports of $ 7.6 billion (about ₹ 64,512 crore) of the Indian product, with a duty of about $ 1.91 billion (about ₹ 16,213 crore).
America said- Tariff imposed on seeing national security
Earlier in April, India had talked about talking to the US under WTO’s safe guard agreement after the US decision to introduce new tariffs. Consultation was requested.
In response, the US told WTO that tariffs were imposed on national security basis, they should not be considered as safe guard measures.
35% duty imposed in 2018
On March 23, 2018, the US implemented Security Majors on some steel and aluminum products. Under this, he imposed 25% tariff on these products and 10% Ed Valum tax. In January 2020, it was extended for further.
On February 10 this year, the US re -revised its safe guards Majors and imposed a 25% percent tariff. India has told the WTO that will eliminate some concessions in response to US security measures on steel, aluminum and related products. WTO has also considered it a safe guard major.
What is a tariff?
Tariff is a tax imposed on goods coming from another country. Companies that bring foreign goods to the country pay this tax to the government. Understand this with an example …
- Tesla’s cyber truck is sold in the US market for about 90 lakh rupees.
- If the tariff is 100%, then it will cost around 2 crores in India.
What is the meaning of reciperook tariff?
Reciperookl means to equalize both the scales of the scales. That is, there is 1 kg of weight on one side, and on the other side also keep one kilo of weight and make it equal.
Trump is talking about increasing it. That is, if India imposes 100% tariff on some selected items, then America will also impose 100% tariff on that kind of products.
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