Commerce and Industry Minister Suresh Prabhu today termed the US administration's decision to hike tariff on certain steel and aluminium products as an "unfortunate development".
Commerce and Industry Minister Suresh Prabhu today termed the US administration's decision to hike tariff on certain steel and aluminium products as an "unfortunate development".
"We are committed to free trade. We have taken note of it... It is an unfortunate development," Prabhu said about the US decision.
"We will take up this issue bilaterally with all the countries," he said here.
The US recently imposed hefty tariffs on imported steel and aluminium, citing national security concerns and the need to protect American industries from "unfair" business practices, triggering fears of a global trade war.
US President Trump signed two proclamations that levied a 25% tariff on steel and a 10% tariff on aluminium imported from all countries except Canada and Mexico.
Trump indicated today that Australia could be the third country to be exempted from the tariff. He said he spoke to Australian Prime Minister Malcolm Turnbull in this regard.
Other countries would have to negotiate with US Trade Representatives (USTR) if they want exemptions from the steel and aluminium import tariffs.
The White House said Trump welcomes any country with which "we have a security relationship" to discuss alternative ways to address US concerns, including those about global excess capacity.
He has left open an avenue for potentially modifying or removing a tariff under certain conditions for individual countries, it said.
Trump is under heavy pressure from allies including the European Union and Japan to dilute the measures.
Some US allies have already vowed retaliation with the EU promising tariffs on items from steel to peanut butter, bourbon and denim -- most of which are produced in states that Trump needs if he is to win re-election.
Yesterday, Trump threatened to impose "reciprocal tax" on countries like China and India if they do not match America's tariff.
Trump has, in recent days, spoken a number of times about the 50% duty that India levies on high-end motorbikes that Harley-Davidson, an American company, sells in India. He has repeatedly insisted that the US levies "zero" duty or "nothing" on motorbikes imported from India.
(With PTI inputs)
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 "Commerce and Industry Minister Suresh Prabhu")
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