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.

印度反击：拟对美国钢铝产品征收报复性关税
根据世界贸易组织通报文件显示，美国实施的保障措施将影响价值76亿美元的进口商品，预计关税征收额达19.1亿美元。
（译者注：目前印度国内对印巴冲突结束的舆论可参见龙腾网文章《印巴同意立即停火，印度网民一片哀嚎和愤怒“我们输了”“我们成了笑柄”，也有人指出印度政府“从没想到中国真会出手”》：由于特朗普抢先宣称是自己调停印巴的，触动了印度民众脆弱的大国自尊心，导致莫迪政府被国内民众喷是美国的“傀儡政府”。
然而，印度这一趟军事冒险赔了夫人又折兵，还被民众喷舔美，眼看中美竟然都已经谈成了，而印度和美国贸易协定还遥遥无期，所以在本周印度赴美贸易磋商前开始使出反制措施）


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.

在一项可能对钢铁行业产生影响的关键进展中，印度已向WTO通报，计划对输印特定美国商品加征关税，以回应美方对印度钢铝制品实施的关税措施。
此举正值两国进行双边贸易协定谈判期间，该提议尤显重要。印度代表团本周也将赴美展开贸易磋商。

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的通报指出，美国的这些保障措施可能影响从印度进口的超过70亿美元的产品，由此征收的关税预计将接近20亿美元。
印度拟实施对等关税措施，征收额度与美方影响相当。

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

美国曾对所有印度输美商品征收25%报复性关税。

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.

印度指控美国措施不符合《关税与贸易总协定》
印度提交的世贸组织文件（应印度代表团要求散发）指出，美方未向WTO通报这些措施，但实质构成保障措施（译者注：保障措施是指当不可预见的发展导致一产品的进口数量增加，以致对生产同类或直接竞争产品的国内产业造成严重损害或严重损害威胁时，进口成员方可以在非歧视原则的基础上对该产品的进口实施限制）。
"印度认为美方措施不符合1994年《关税与贸易总协定》和《保障措施协定》"，文件称，由于未按《保障措施协定》条款进行磋商，印度保留暂停减让或其他义务的权利，该权利与措施对印度贸易的不利影响实质对等。

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

该文件进一步说明："拟暂停的减让或其他义务将体现为对原产美国的选定产品加征关税"。
在不影响有效行使暂停实质对等义务权利的前提下，印度保留自本通知发出30天后暂停减让的权利。

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保障措施协定》如何规定？
今年四月初，在美国当局决定征收这些关税后，印度曾依据WTO《保障措施协定》要求与美国进行磋商。
针对磋商请求，美国告知该全球贸易机构，其加征关税决定基于国家安全理由，不应视为保障措施。

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，美国对特定钢铝制品分别征收25%和10%从价税作为保障措施，2018年3月23日生效。2020年1月延期。
今年2月10日，美国再次修订钢铝制品进口保障措施，2025年3月12日生效且无限期实施，目前实施25%关税。

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阐明立场
WTO文件称："印度特此通知货物贸易理事会拟暂停减让和其他义务……此通知针对美国通过2025年2月10日总统公告延长实施的铝、钢及衍生产品进口保障措施，生效日期为2025年3月12日。"
该文件标注日期为2025年5月9日，应印度代表团请求散发。

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.

印美争端下一步走向
在规划下一步行动方针时，印度已明确表示，将同时通报货物贸易理事会和保障措施委员会。印度也已在双边渠道处理这一关税问题。

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年以国家安全为由，对特定钢铁产品征收25%的关税，对铝产品征收10%的关税。
作为报复，印度于2019年6月对包括杏仁和核桃在内的28种美国产品加征了关税。
印度当时也向WTO提起了申诉。

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.

钢铁板块股票
钢铁股今日备受关注。截至目前，JSW钢铁、塔塔钢铁以及印度钢铁管理局的股价均下跌。金属类股曾在5月12日经历显著上涨，现出现部分获利回吐。