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Indo-Us.9.Thmb.jpg Relations with Iran, US stand on their own merit: Minister

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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 same period.

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 minister said.

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.

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