Biden Administration Reaches Agreement With India On Trade Penalties
The day after headlining the gala at MSCI’s 2023 Annual Meeting of Members, U.S. Trade Representative (USTR) Katherine Tai announced the United States and Indian governments have agreed to terminate six outstanding disputes that are currently pending before the World Trade Organization (WTO). Three of those disputes were initiated by the United States and three were initiated by India.
Tai said India also agreed to remove retaliatory tariffs on agricultural products that it had imposed in response to the U.S. Section 232 national security tariffs on steel and aluminum. In a press statement, Ambassador Tai’s office argued the resolution maintains the integrity of the U.S. Section 232 measures.
“As a result of our work, U.S. 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,” Ambassador Tai said.
The six WTO disputes that will be terminated are:
- Countervailing measures on certain hot-rolled carbon steel flat products from India (DS436), initiated by the United States;
- Measures relating to solar cells and solar modules (DS456), initiated by India;
- Measures relating to the renewable energy sector (DS510), initiated by the United States;
- Export related measures (DS541), initiated by India;
- Measures on steel and aluminum products (DS547), initiated by the United States; and
- Additional duties on certain products from the United States (DS585), initiated by India.