India Threatens WTO Action Over US Tariffs, May Suspend Trade Concessions

• India informed WTO it reserves rights to suspend trade concessions under Article 8 of the Agreement on Safeguards.
• This move comes in response to the US' imposition of high tariffs, which India views as a violation of WTO agreements.
• India requested consultations with the US under Article 12.3 of the WTO Agreement on Safeguards, but these did not occur.
• The government is assessing developments and engaging with the US, aiming for an Interim Agreement to reduce tariffs on Indian products.
• An Interim Agreement could see the US reduce tariffs to 0% on various Indian exports, including gems, pharmaceuticals, and auto parts.