India has requested the US to exempt it from the hefty tariffs on steel and aluminium imports and is vetting all options to deal with the issue, the government said today.
In a written reply to Lok Sabha, Union Minister C R Chaudhary said the government has conducted a study on the impact of the duty hike by the US.
"India has also requested the US to exempt India from the steel and aluminium tariffs. India is examining all options to deal with the issue, in case not resolved bilaterally," he said.
Last month, US President Donald Trump signed two proclamations that levied 25 per cent tariff on steel and 10 per cent tariff on aluminium imported from all countries except neighbouring Canada and Mexico.
India exports around USD 1.5 billion worth of these products to America.
In a separate reply, the minister of state for commerce said as per WTO, India's gross national income per capita has crossed USD 1,000 for three consecutive years from 2013-2015.
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Based on this, the country would have to phase out some of its export-related incentives which are not in compliance with the global trade rules.
"However, it is anticipated that there will be no immediate adverse impact on our foreign trade," he added.