UPDATE 1-India proposes retaliatory duties at WTO against US tariffs on autos

New Delhi has proposed retaliatory duties against the U.S. at the World Trade Organization, saying Washington's 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's exports, according to an official notification. "India reserves the right to suspend concessions or other obligations ...

New Delhi has proposed retaliatory duties against the U.S. at the World Trade Organization, saying Washington's 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's exports, according to an official notification.

"India reserves the right to suspend concessions or other obligations ... that are substantially equivalent to the adverse effects of the measure to India's trade," the statement said. According to the notification, the duty collected by the U.S. would amount to $725 million and New Delhi will impose an "equivalent amount of duty collected from products originating in the United States".

India did not specify the tariff rate or which goods it would levy duties on. India is trying to clinch a

trade deal with Washington before a July 9 deadline set by U.S. President Donald Trump, after which he has threatened to impose a 26% tariff on all imported Indian goods.

India has signalled it is ready to slash its high tariff rates for the U.S. but has not conceded

on Washington's demands for opening up the agriculture and dairy sectors.