https://www.youtube.com/watch?v=scpIqb1_y5k
India Plans $1.1 Billion Retaliatory Tariffs Against EU Steel Restrictions https://swarajyamag.com/news-brief/india-plans-11-billion-retaliatory-tariffs-against-eu-steel-restrictionswhat-you-need-to-know
India is likely to impose additional tariffs amounting to $1.1 billion on some EU-origin products in retaliation against the bloc's extended safeguard duties on its steel imports. The process of finalising the list of items, on which the tariffs will be imposed, has commenced.
India to impose retaliatory measures against European Union's steel tariffs https://www.business-standard.com/economy/news/india-to-impose-retaliatory-measures-against-european-union-s-steel-tariffs-124092001287_1.html India informed the World Trade Organisation (WTO) that it has decided to impose retaliatory measures against the European Union’s (EU’s) steel tariffs that has been in effect since 2018, and was extended till June 2026.
The move comes after bilateral engagements with the trade bloc had failed earlier this year.
https://policy.trade.ec.europa.eu/news/eu-prolongs-steel-safeguard-measure-until-june-2026-2024-06-25_en an investigation requested by fourteen EU Member States, which showed that the safeguard measure continues to be necessary to prevent or remedy serious injury to the EU’s steel industry. In addition, it showed that EU industry is adjusting to a higher level of imports. ..
Justitifcation by EU : significant import pressure on the Union market: high levels of global steel overcapacity and the surge of exports from China to third countries, notably in Asia, resulting in increased exports from those third countries to the EU; the increased number of trade defence measures and other trade restrictive measures imposed by other third countries, and; the significant reduction of demand in the EU.