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India has proposed imposing retaliatory customs duties on select goods from the European Union (EU) after both sides failed to resolve a dispute over the EU's safeguard measures on steel products. According to a communication sent to the World Trade Organization (WTO), India cited trade losses amounting to $4.41 billion between 2018 and 2023 due to these measures. The EU had extended its safeguard duties on 26 categories of steel products, imposing an out-of-quota duty of 25% until 2026. India, a major steel exporter to the EU, claims the measures have severely impacted its steel industry. In response, India plans to suspend concessions under WTO rules and raise tariffs on EU imports to recoup the financial loss. India reserves the right to adjust the tariffs and products covered under this suspension. Both the Council for Trade in Goods and the Committee on Safeguards will be informed of the next steps. This comes as India’s steel exports to the EU rose to $6.64 billion in 2023-24. However, concerns over the EU’s trade practices, including the upcoming Carbon Border Adjustment Mechanism (CBAM), continue to challenge India’s steel industry. The ongoing dispute reflects broader tensions in global steel trade, with India negotiating a free trade agreement with the EU to strengthen trade and investment ties.