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Conjecture that a U.S. government review of Japan-based Nippon Steel's proposed acquisition of United States Steel Corp. is de facto protectionist misses the mark entirely.
Get latest articles and stories on Latest News at LatestLY. Ministries of mines, steel and the department for promotion of industry and internal trade (DPIIT) will set up an internal mechanism to monitor the export of steel and aluminium products at concessional duties to the US, an official said. Latest News | Mechanism to Monitor Steel, Aluminium Products Export at Concessional Rates to US in the Making.
During the visit of Prime Minister Narendra Modi in June last year, the two countries decided to remove trade irritants and as part of that, both sides agreed to end six trade disputes at the WTO. They have mutually resolved those seven disputes and India has decided to remove additional duties on eight US products, including chickpeas, lentils and apples, which were imposed in 2019.
Indian exports of these products were earlier attracting additional duties in the US, as Washington, in 2018, imposed a 25 per cent import duty on steel products and 10 per cent on certain aluminium products on grounds of national security.