Paris: India and the US will continue to work together to resolve all issues bilaterally including America's decision to double the tariffs on steel and aluminium to 50%, commerce and industry minister Piyush Goyal said.
"Let us wait and watch...both the US and India share good relations and we will continue to work together to resolve all these issues bilaterally," he said.
On May 30, US President Donald Trump announced doubling of the existing 25% tariffs on steel and aluminium imports from June 4.
India exported approximately $6.2 billion worth of steel and finished steel products to the US in FY25 including a wide range of engineered and fabricated steel components and about $0.86 billion of aluminium and its products. The US is among the top destinations for Indian steel makers, who have been gradually increasing market share through high-quality production and competitive pricing.
On March 8, 2018, the US promulgated safeguard measures on certain steel and aluminium articles by imposing 25% and 10% ad valorem tariffs respectively on such products with effect from March 23, 2018. On February 10, 2025, it revised the safeguard measures on imports of steel and aluminium articles, effective March 12.
New Delhi said US failed to notify WTO Committee on Safeguards of its decision to apply safeguard measures and as an affected member with significant export interest, it has requested consultations with Washington and proposed retaliation as well.
India proposed to impose retaliatory duties on 29 American products including apples, almonds, pears, anti-freezing preparations, boric acid and certain products made of iron and steel under the WTO to counter the American tariffs on steel and aluminium.
New Delhi told the WTO that these measures would affect $7.6 billion of imports into the US.
BTA push
Goyal also said that the two sides desire to give preferential market access to each other's businesses and that the teams of both the countries are working together on the proposed bilateral trade agreement (BTA).
"Both countries are committed to work together, both countries desire to give preferential access to each other's businesses and we are working towards the bilateral trade agreement," Goyal said.
The two aim to negotiate the first tranche of a mutually beneficial, multi-sector BTA by fall this year and more than double bilateral trade to $500 billion by 2030 from the current level of $191 billion. A team of US officials is visiting India this week for discussions on the proposed interim trade agreement. The two sides are likely to agree on an interim deal by the end of June, with New Delhi pushing for full exemption from the 26% reciprocal tariff on domestic goods.
Oman FTA
Goyal said negotiations between India and Oman for the proposed free trade agreement (FTA) are progressing and some "good news" may come "very soon" on that.
"I think you will see some good news very soon on the Oman FTA," he said.
(The correspondent is in Paris at the invitation of the commerce and industry ministry)
"Let us wait and watch...both the US and India share good relations and we will continue to work together to resolve all these issues bilaterally," he said.
On May 30, US President Donald Trump announced doubling of the existing 25% tariffs on steel and aluminium imports from June 4.
India exported approximately $6.2 billion worth of steel and finished steel products to the US in FY25 including a wide range of engineered and fabricated steel components and about $0.86 billion of aluminium and its products. The US is among the top destinations for Indian steel makers, who have been gradually increasing market share through high-quality production and competitive pricing.
On March 8, 2018, the US promulgated safeguard measures on certain steel and aluminium articles by imposing 25% and 10% ad valorem tariffs respectively on such products with effect from March 23, 2018. On February 10, 2025, it revised the safeguard measures on imports of steel and aluminium articles, effective March 12.
New Delhi said US failed to notify WTO Committee on Safeguards of its decision to apply safeguard measures and as an affected member with significant export interest, it has requested consultations with Washington and proposed retaliation as well.
India proposed to impose retaliatory duties on 29 American products including apples, almonds, pears, anti-freezing preparations, boric acid and certain products made of iron and steel under the WTO to counter the American tariffs on steel and aluminium.
New Delhi told the WTO that these measures would affect $7.6 billion of imports into the US.
BTA push
Goyal also said that the two sides desire to give preferential market access to each other's businesses and that the teams of both the countries are working together on the proposed bilateral trade agreement (BTA).
"Both countries are committed to work together, both countries desire to give preferential access to each other's businesses and we are working towards the bilateral trade agreement," Goyal said.
The two aim to negotiate the first tranche of a mutually beneficial, multi-sector BTA by fall this year and more than double bilateral trade to $500 billion by 2030 from the current level of $191 billion. A team of US officials is visiting India this week for discussions on the proposed interim trade agreement. The two sides are likely to agree on an interim deal by the end of June, with New Delhi pushing for full exemption from the 26% reciprocal tariff on domestic goods.
Oman FTA
Goyal said negotiations between India and Oman for the proposed free trade agreement (FTA) are progressing and some "good news" may come "very soon" on that.
"I think you will see some good news very soon on the Oman FTA," he said.
(The correspondent is in Paris at the invitation of the commerce and industry ministry)
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