US to exempt Indian steel, aluminium from high tariffs
In a massive relief for India, the United States is all set to exempt Indian aluminium and steel from the higher tariff regime announced by President Donald Trump's administration this March. But the exemption is likely to come with riders, a top government official tells ET Now.
"The US has agreed to exempt a certain percentage of India's average exports in last five years from the highrt import duty, but talks are still on as India is pushing for a complete exemption," a senior government official said.
The US has exempted some other countries from import duties and they are willing to include India in the list too, the official added.
In March, US had imposed 25% import duty on steel and 10% on aluminium, a move India retaliated against by announcing its intention to levy a higher tariff rate on 29 products including fruits, vegetables, chemicals, pharmaceuticals etc. This was supposed to have come into effect on August 4 but was then delayed as negotiations were still on with the US.
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