Steel, aluminium tariffs: India, US to hold talks in Geneva next week

India and the US will hold consultations next week in Geneva to deliberate upon the case filed by New Delhi in the WTO's dispute settlement mechanism over the imposition of high import duties on steel and aluminium by Washington, an official said.

The consultations would be held under the aegis of World Trade Organization's (WTO) dispute settlement mechanism.

A team of senior officials from the commerce ministry will lead the team.

The US is holding the consultations with all the countries that have filed disputes on the issue in Geneva on July 19-20.

Several countries including India, Norway, China and Russia have filed disputes on the subject against the US.

In May, India dragged the US to the WTO dispute settlement mechanism over the imposition of import duties on steel and aluminium..

India has stated that the decision would impact exports of these products to the US and it is not in compliance with global trade norms.

Seeking consultation is the first step of dispute settlement process. If the two nations are not able to reach a mutually agreed solution through consultation, India may request for a WTO dispute settlement panel to review the matter.

The US has imposed 25 per cent tariff on steel and a 10 per cent tariff on aluminium.

India's exports of steel and aluminium products to America stood at about USD 1.5 billion every year.

Both the countries are already involved in disputes at the global trade body. The disputes are in the areas of poultry, solar, export subsidies and steel.

India's exports to the US stood at USD 47.9 billion in 2017-18, while imports aggregated at USD 26.7 billion during the same fiscal.