India hits back: Proposes retaliatory tariffs against US’ steel and aluminium
The WTO communication explains that these US safeguard measures would impact $7.6 billion worth of imports; estimated duty collection seen at $1.91 billion.

印度反擊：擬對美國鋼鋁產(chǎn)品征收報復性關(guān)稅
根據(jù)世界貿(mào)易組織通報文件顯示，美國實施的保障措施將影響價值76億美元的進口商品，預計關(guān)稅征收額達19.1億美元。
（譯者注：目前印度國內(nèi)對印巴沖突結(jié)束的輿論可參見龍騰網(wǎng)文章《印巴同意立即停火，印度網(wǎng)民一片哀嚎和憤怒“我們輸了”“我們成了笑柄”，也有人指出印度政府“從沒想到中國真會出手”》：由于特朗普搶先宣稱是自己調(diào)停印巴的，觸動了印度民眾脆弱的大國自尊心，導致莫迪政府被國內(nèi)民眾噴是美國的“傀儡政府”。
然而，印度這一趟軍事冒險賠了夫人又折兵，還被民眾噴舔美，眼看中美竟然都已經(jīng)談成了，而印度和美國貿(mào)易協(xié)定還遙遙無期，所以在本周印度赴美貿(mào)易磋商前開始使出反制措施）


In key development that is likely to impact the steel sector, India has informed the World Trade Organisation (WTO) that it proposes to impose duties on certain US-made products shipped to India, in response to Washington’s tariffs on steel and aluminium products produced in India. The proposal assumes significance as both countries are negotiating a bilateral trade agreement (BTA). The Indian team is also visiting the US for trade talks this week.

在一項可能對鋼鐵行業(yè)產(chǎn)生影響的關(guān)鍵進展中，印度已向WTO通報，計劃對輸印特定美國商品加征關(guān)稅，以回應(yīng)美方對印度鋼鋁制品實施的關(guān)稅措施。
此舉正值兩國進行雙邊貿(mào)易協(xié)定談判期間，該提議尤顯重要。印度代表團本周也將赴美展開貿(mào)易磋商。

The WTO communication indicates that these US safeguard measures could impact over $7 billion worth of imports from India and the estimated duty collection may be close to $2 billion from these tariff levy. India’s proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in America.

WTO的通報指出，美國的這些保障措施可能影響從印度進口的超過70億美元的產(chǎn)品，由此征收的關(guān)稅預計將接近20億美元。
印度擬實施對等關(guān)稅措施，征收額度與美方影響相當。

America has in the past hit India with a 25% retaliatory tariffs on all US exports.

美國曾對所有印度輸美商品征收25%報復性關(guān)稅。

India highlights US measures not consistent with GATT
India’s WTO communication, being circulated at the request of delegation of India, added that the measures have not been notified by the US to the WTO, but are, in essence, safeguard measures. “India maintains that the measures taken by the US are not consistent with the GATT (General Agreement on Trade and Tariff) 1994 and AoS (Agreement on safeguards),” it said, adding that as consultations provided for under a provision of the AoS have not taken place, India reserves the right to suspend concessions or other obligations that are substantially equivalent to the adverse effects of the measure on India’s trade.

印度指控美國措施不符合《關(guān)稅與貿(mào)易總協(xié)定》
印度提交的世貿(mào)組織文件（應(yīng)印度代表團要求散發(fā)）指出，美方未向WTO通報這些措施，但實質(zhì)構(gòu)成保障措施（譯者注：保障措施是指當不可預見的發(fā)展導致一產(chǎn)品的進口數(shù)量增加，以致對生產(chǎn)同類或直接競爭產(chǎn)品的國內(nèi)產(chǎn)業(yè)造成嚴重損害或嚴重損害威脅時，進口成員方可以在非歧視原則的基礎(chǔ)上對該產(chǎn)品的進口實施限制）。
"印度認為美方措施不符合1994年《關(guān)稅與貿(mào)易總協(xié)定》和《保障措施協(xié)定》"，文件稱，由于未按《保障措施協(xié)定》條款進行磋商，印度保留暫停減讓或其他義務(wù)的權(quán)利，該權(quán)利與措施對印度貿(mào)易的不利影響實質(zhì)對等。

The document further added that the communication elaborated, “The proposed suspension of concessions or other obligations takes the form of an increase in tariffs on sexted products originating in the United States.” Without prejudice to the effective exercise of its right to suspend substantially equivalent obligations, India reserves its right to suspend concessions after the expiration of thirty days from the date of this notification, it said

該文件進一步說明："擬暫停的減讓或其他義務(wù)將體現(xiàn)為對原產(chǎn)美國的選定產(chǎn)品加征關(guān)稅"。
在不影響有效行使暫停實質(zhì)對等義務(wù)權(quán)利的前提下，印度保留自本通知發(fā)出30天后暫停減讓的權(quán)利。

What does the WTO safeguard agreement propose?
Earlier in April, India had sought consultations with the US under the WTO’s safeguard agreement, following American authorities’ decision to impose these tariffs. On the request for consultation, the US informed the global trade body that its decision to impose the tariffs was based on national security grounds and should not be considered as safeguard measures.

《WTO保障措施協(xié)定》如何規(guī)定？
今年四月初，在美國當局決定征收這些關(guān)稅后，印度曾依據(jù)WTO《保障措施協(xié)定》要求與美國進行磋商。
針對磋商請求，美國告知該全球貿(mào)易機構(gòu)，其加征關(guān)稅決定基于國家安全理由，不應(yīng)視為保障措施。

On March 8, 2018, the US promulgated safeguard measures on certain steel and aluminium articles by imposing 25% and 10% ad valorem tariffs, respectively. It came into effect on March 23, 2018. It was extended in January 2020.
On February 10 earlier this year, the US again revised the safeguard measures on imports of steel and aluminium articles, effective from March 12, 2025, and with an unlimited duration. Now, it has imposed 25% tariffs.

2018年3月8日，美國對特定鋼鋁制品分別征收25%和10%從價稅作為保障措施，2018年3月23日生效。2020年1月延期。
今年2月10日，美國再次修訂鋼鋁制品進口保障措施，2025年3月12日生效且無限期實施，目前實施25%關(guān)稅。

India clarifies stance to WTO
“India hereby notifies the Council for Trade in Goods of its proposed suspension of concessions and other obligations…This notification is made in connection with safeguard measures extended by the United States of America on imports of aluminium, steel and derivative articles, vide Presidential Proclamation…dated February 10, 2025, with the effective date of March 12, 2025,” a WTO communication said. The communication, dated and received on May 9, 2025, is being circulated at the request of the delegation of India, it said.

印度向WTO闡明立場
WTO文件稱："印度特此通知貨物貿(mào)易理事會擬暫停減讓和其他義務(wù)……此通知針對美國通過2025年2月10日總統(tǒng)公告延長實施的鋁、鋼及衍生產(chǎn)品進口保障措施，生效日期為2025年3月12日。"
該文件標注日期為2025年5月9日，應(yīng)印度代表團請求散發(fā)。

India Vs US: What’s the next step
Charting out the next course of action, India has made it amply clear that it will inform both the Council for Trade in Goods and the Committee on Safeguards. India has taken up the tariff issue bilaterally also.

印美爭端下一步走向
在規(guī)劃下一步行動方針時，印度已明確表示，將同時通報貨物貿(mào)易理事會和保障措施委員會。印度也已在雙邊渠道處理這一關(guān)稅問題。

The first Trump administration, in 2018, imposed a 25 per cent duty on certain steel items and a 10 per cent duty on aluminium products on the grounds of national security. In retaliation, India in June 2019 slapped customs duties on 28 US products, including almonds and walnuts. India had also filed a complaint in the WTO.

2018年特朗普政府曾于2018年以國家安全為由，對特定鋼鐵產(chǎn)品征收25%的關(guān)稅，對鋁產(chǎn)品征收10%的關(guān)稅。
作為報復，印度于2019年6月對包括杏仁和核桃在內(nèi)的28種美國產(chǎn)品加征了關(guān)稅。
印度當時也向WTO提起了申訴。

Steel sector stocks
The steel stocks are in focus today. JSW Steel, Tata Steel and SAIL are all in the red as of now. The metal stocks had seen a significant rally on May 12. There is some amount of profitbooking too.

鋼鐵板塊股票
鋼鐵股今日備受關(guān)注。截至目前，JSW鋼鐵、塔塔鋼鐵以及印度鋼鐵管理局的股價均下跌。金屬類股曾在5月12日經(jīng)歷顯著上漲，現(xiàn)出現(xiàn)部分獲利回吐。