US agrees to provide market access to India's steel and aluminum products

Tags: Economy/Finance International News

US-agrees-to-provide-market-accessThe United States on 23 June has agreed to grant market access to India's steel and aluminium products, according to the Ministry of Commerce and Industry.

An overview of the news

  • As per the agreement, the US Department of Commerce will clear 70 percent of steel and 80 percent of aluminium applications for products originating in India.

  • The decision was made during Prime Minister Narendra Modi's visit to the United States.

  • The Ministry of Commerce and Industry expects this agreement to boost India's steel and aluminium exports by approximately 35 percent.

  • The US had restricted market access for Indian steel and aluminium products since June 14, 2018, under the exclusion process of Section 232 of the Trade Expansion Act 1962.

  • Under this restriction, additional duties of 25 percent and 10 percent were imposed on steel and aluminium products, respectively.

  • In response, India had implemented retaliatory tariffs on certain products, which it has now agreed to remove.

  • However, the basic import duties applicable to all imports of steel and aluminium products will continue.

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