US is ready to remove additional levies on steel and aluminium exports from India

The Commerce Ministry has announced that the US is prepared to eliminate additional taxes on Indian exports of aluminum and steel products subject to a volume of at least 3.3 lakh metric tonnes (LMT) per year, with the two countries having settled all outstanding trade disputes at the World Trade Organisation (WTO).

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Indian retaliatory levies on eight US imports, including apples, chickpeas, lentils, boric acid, diagnostic tools, shells, and fresh or dried almonds, have been reduced in return. There will still be additional taxes imposed by India on 21 US imports, down from 29 previously.

A Joint Monitoring Mechanism (JMM) has been established between the US and India to lessen retaliatory taxes on each other's goods. As per its mandate, the JMM will convene twice a year to discuss the process's execution.

The leaders of the opposition, Omar Abdullah and Mehbooba Mufti, have criticised the government's plan to eliminate further levies, arguing that indigenous producers will suffer as a result of the market's accessibility to cheaper American produce.

The Commerce Ministry has promised, however, that the removal of additional import taxes on US goods won't have an adverse effect on domestic manufacturers and that apples, almonds and walnuts from the US compete on an even playing field with those from other nations.

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