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ComMin studying impact of US decision to raise tariff: Official

Press Trust of India  |  New Delhi 

The commerce ministry is studying the impact of duty hike by the US on certain and products as exports these goods worth about USD 2 billion per annum to

US has imposed heavy tariffs on and aluminium, sparking fears of a global trade war.

Trump signed two proclamations that levied a 25 per cent tariff on and a 10 per cent tariff on imported from all countries except and The contentious tariffs will go into effect in 15 days.

"is keeping a close watch on the development. It is studying the impact of duty hike India's exports to America," an said.

With hike in tariffs by the US government, exports of these products to the American market will become expensive and could impact the competitiveness of domestic items.

As per estimates, and goods worth USD 2 billion to the US every year.

The further said that if any country drags the US in the World Trade Organisation's (WTO) dispute settlement panel against this decision, India could also consider joining as an observer or third party in the case.

Under the WTO norms, member countries can file a petition in the multi lateral trade body if a a decision of its trading partner does not comply with international trade rules.

As many as 17 countries, including India, had earlier expressed concern over the US plans to raise tariffs during the Meeting of the WTO at in

Speaking to reporters on Friday, had said there was a global 'disquiet' over the decision of the to raise duties on steel and aluminium beyond the bound rate.

India too had raised duties in the past on host of items but never went beyond the bound rate or its commitment to the WTO.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, March 11 2018. 11:15 IST