India will require the US compensation in the WTO for dutie

INDIA (OBSERVATORY) –┬áIndia, following the European Union and China, will seek compensation from the United States in the World Trade Organization (WTO) for duties on steel and aluminum, said a source in the Federation of Chambers of Commerce and Industry of India (FICCI)

“I can confirm that this intention does indeed exist,” the source said, answering the question whether New Delhi will claim compensation at the WTO site for the loss of part of the export of steel and aluminum to the United States.

Earlier another source in the same organization told the agency that in India they will continue to closely monitor the development of this situation with US duties, stressing that “such protectionism is regrettable.” In turn, previously interviewed Indian experts also agreed that such actions on the part of the US “create a dangerous precedent,” which “creates a threat to the world economic order that has developed under the dominant role of the WTO.”

In March 2018, Trump signed an order to impose duties on imports of steel and aluminum from all countries, with the exception of Canada and Mexico. The duty on the import of steel will be 25%, for the import of aluminum – 10%.

German Chancellor Angela Merkel warned that the EU will take drastic measures if the US does not release European steel and aluminum from duties.

The European Commission has stated that in case of application of American duties the EU will challenge them in the World Trade Organization.

The United States, Canada and Mexico are reviewing the North American Free Trade Agreement (NAFTA).

Later, Trump announced that he would postpone the introduction of duties for Argentina, Australia, Brazil, South Korea, Canada, Mexico and the European Union, the largest trading partner of the United States, until May 1, 2018, as discussions continue.