US open to steel duty waiver for India if it lowers export volume
The US has indicated that it will consider a waiver to India from its 25% additional tariff on steel, provided New Delhi offers an acceptable proposal to lower the volume of its supplies of the metal to the World’s biggest economy according to sources.
The move is important, as a failure to strike a deal soon will intensify a trade tussle between the two countries, with India having already notified its plan to slap retaliatory measures worth $235 million against 29 American items from August 4.
Senior officials of the two countries huddled in Washington recently to hammer out a ‘trade package’ in which all the contentious issues - including the Trump administration’s decision to levy extra duties on steel
and aluminium (10%) from India — were discussed. India is now working on a proposal to see if lower volume of steel supplies, with the exemption from the extra tariff, will serve its interest better. Once it finalises the proposal, it will be submitted with Washington to carry forward the negotiations, said the sources.