Market Data
US, India Reach Trade Accord Involving Steel
June 22, 2023
The US and India have agreed to end six outstanding disputes at the World Trade Organization (WTO), some directly involving steel, US Trade Representative Katherine Tai said Thursday.
Also, USTR Tai said that India has agreed to remove retaliatory tariffs, which it had imposed as a response to the US Section 232 national security measures on steel and aluminum, among other products.
“As a result of our work, US agricultural producers and manufacturers will now enjoy renewed access to a critical global market and we will strengthen our trade relationship with one of our closest partners,” Tai said in a press release.
She added that the resolution “maintains the integrity of the US Section 232 measures.”
The WTO disputes can be found below. Three were initiated by India and three by the US.
- US – Countervailing Measures on Certain Hot-Rolled Carbon Steel Flat Products from India (DS436)
- India – Certain Measures Relating to Solar Cells and Solar Modules (DS456)
- US – Certain Measures Relating to the Renewable Energy Sector (DS510)
- India – Export Related Measures (DS541)
- US – Certain Measures on Steel and Aluminum Products (DS547)
- India – Additional Duties on Certain Products from the US (DS585)
The announcement comes as India’s Prime Minister Narendra Modi visited the US for an official state visit.
SMU will delve into the agreement in further depth in the coming days.
By Ethan Bernard, ethan@steelmarketupdate.com
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