India has informed the WTO that it may impose retaliatory tariffs worth $724 million on U.S. imports.

• India has notified the World Trade Organization (WTO) of its proposal to impose nearly $724 million retaliatory tariffs on the U.S. in response to the U.S.’s increased tariffs on import of certain automobiles and parts from India.

• The move comes as India and the U.S. are finalizing an initial mini-trade deal.

• India’s negotiation team, led by Special Secretary in the Ministry of Commerce and Industry Rajesh Agarwal, returned from the U.S. on Monday.

• India argues that the U.S. tariffs are not in accordance with the General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards (AoS).