Negotiation on tariff on steel import is underway with US: Steel Minister

New Delhi, Sep 14 (KNN) Negotiations are underway with the United States (US) over 25 per cent tariff it had imposed on steel imports, said Steel Minister, Chaudhary Birender Singh.

He was speaking at an Assocham India Steel Summit.

He said, "Negotiations are still going 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. We will certainly take." 

Trump signed two proclamations that levied a 25 per cent tariff on steel and a 10 per cent tariff on aluminium imported from all countries except Canada and Mexico.

This imposition will affect the import and export on all the countries trading with the US. This move by US has sparked fears of a global trade war.

Birender Singh however said that, “The US decision to impose 25 per cent tariff on steel imports will have negligible direct impact (on India's export) as India's share of US Steel imports is very small as compared to other countries but there might be an indirect impact.”

According to him, “There would not be any immediate impact on domestic steel exports as India sends a marginal amount of alloy of its shipment to the US.”

Singh had earlier said that the 25 per cent tariff imposed by the US on steel import can 'indirectly' affect the domestic sector.