SME Times News Bureau | 08 Jul, 2019
Minister of State in the Ministry
of Commerce and Industry Hardeep Singh Puri on Wednesday said India's bilateral relations with Iran, and the United
States stand on their own merit and are not influenced by relations
between other countries.
In a written reply in the Lok
Sabha on Wednesday added that India consistently
monitors all developments with a bearing on its national interest and
takes necessary measures to safeguard and protect the same.
The U.S. imposed additional
tariff of 25% and 10% on steel and aluminum respectively under section 232
of Trade Expansion Act, 1962 in March, 2018 on a global basis.
While India’s steel export in
the affected lines to US declined by 35% during the FY 2018-19 compared to FY
2017-18, aluminum export in the affected lines have increased by 14% during the
India has been engaged with
the US on this issue, as part of the ongoing bilateral trade dialogue. The
US did not accede to India’s request for withdrawal of these duties.
In response, India imposed retaliatory tariffs on 28 products
originating or exported from the US with effect from 16th June, the
The retaliatory tariffs are
expected to have an additional impact in terms of duty incidence of about
USD 217 Million (approx.) on these 28 products
imported from US.