AMN / New Delhi
India has turned down a Donald Trump administration offer to waive tariff hikes on steel and aluminium in exchange for India capping exports of these items at 70% of its total exports to the US last year, according to Livemint newspaper.
India has maintained that exports of these items to the US form a minuscule portion of total imports by the US and no quantitative quota should be put in place.
“We have made it clear that we will not accept any caps on India’s steel and aluminium exports to the US,” writes the paper quoting a senior government official on condition of anonymity.
India has claimed that steel and aluminium exports worth $1.2 billion to the US have been impacted after the tariff hike in March, with the US collecting additional revenue worth $241 million.
India is currently negotiating a trade package with the US and has been demanding a waiver on tariff hikes similar to the ones US granted to Argentina, Brazil and South Korea.