India: Steel minister says tariff negotiations with US under way
Steel minister Chaudhary Birender Singh on Friday said negotiations are under way with the US over the 25% tariff it had imposed on steel imports.
US President Donald Trump had earlier imposed a 25% import tariff on steel and 10% on aluminium.
However, the minister said there would not be any immediate impact on domestic steel exports as India sends a marginal amount of its shipments to the US. “Negotiations are still on (with the US). There may some a sort of understanding… and the other side is that we are to go for certain steps to be taken to safeguard our interest,” he said at Assocham India Steel Summit – Enhancing Competitiveness & Overcoming Challenges.
Singh had earlier said that the 25% tariff imposed by the US on steel imports can ‘indirectly’ affect the local industry.
“The US decision to impose 25% tariff on steel imports will have a negligible direct impact as India’s share of US Steel imports is very small as compared to other countries, but there might be an indirect impact,” he had said.