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US tariff decision ‘unfortunate development’: Suresh Prabhu

US President Trump signed two proclamations that levied a 25% tariff on steel and a 10% tariff on aluminium imported from all countries except Canada and Mexico.

business Updated: Mar 10, 2018 20:34 IST
US Tariff,Suresh Prabhu,Donald Trump
Commerce and industry minister Suresh Prabhu addresses the media regarding India's participation at the annual meeting of World Economic Forum to be held at Davos, in New Delhi on January 9, 2018.(PTI File Photo)

Commerce and industry minister Suresh Prabhu on Saturday termed the US administration’s decision to hike tariff on certain steel and aluminium products as an “unfortunate development”.

“We are committed to free trade. We have taken note of it... It is an unfortunate development,” Prabhu said about the US decision.

“We will take up this issue bilaterally with all the countries,” he said here.

The US recently imposed hefty tariffs on imported steel and aluminium, citing national security concerns and the need to protect American industries from “unfair” business practices, triggering fears of a global trade war.

US President Trump signed two proclamations that levied a 25% tariff on steel and a 10% tariff on aluminium imported from all countries except Canada and Mexico.

First Published: Mar 10, 2018 20:34 IST