India has taken a significant step to retaliate against the United States after Washington imposed a 25 percent tariff on steel and aluminium imports in March 2025. New Delhi has notified the World Trade Organisation (WTO) of its intent to impose reciprocal tariffs valued at $7.6 billion on imports from the US. This move aims to balance the impact of the US tariffs on Indian steel and aluminium exports, with expected duties estimated to reach $1.91 billion.

The decision comes just days before both countries announced accelerated progress towards the first tranche of a bilateral trade agreement, showing that despite ongoing negotiations, India is standing firm against the US tariffs. These retaliatory tariffs are set to come into effect 30 days from the date of notification, May 9, 2025.

The background to this trade tension lies in US President Donald Trump’s reinstatement of 25 percent tariffs on all steel and aluminium imports earlier this year. This followed the elimination of all country and product-specific exemptions. The US administration justified the tariffs as a protective measure for domestic industries, which it claimed were harmed by unfair trade practices and global excess production capacity.

This move by the US is consistent with the protectionist trade policies pursued by Trump since his first term when he initially imposed tariffs on steel at 25 percent and aluminium at 10 percent back in March 2018. India’s retaliatory tariffs reflect a broader trend of trade disputes between the two countries and highlight the challenges in balancing global trade interests and protecting domestic markets.

The imposition of these tariffs could reshape trade dynamics between India and the US, particularly in steel and aluminium sectors, while both sides continue talks for a broader trade agreement. The situation remains fluid, with potential implications for global trade patterns and economic relations.

The Upcoming IPOs in this week and coming weeks are Neptune Petrochemicals, Aegis Vopak Terminals, Schloss Bangalore, Astonea Labs, Nikita Papers, Prostarm Info Systems, Victory Electric Vehicles International, Blue Water Logistics, Wagons Learning.

The Current active IPO are Unified Data - Tech Solutions, Dar Credit and Capital, Belrise Industries.

The Closed IPOs are Borana Weaves.