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The Financial Express, India’s financial daily, quoted unnamed sources, as saying 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.

Key Details:

“New Delhi has estimated that the US could mop up $198.6 million from additional duty on steel and $42.4 million on aluminum. Its submission to the WTO was based on the fact that the US imported Indian steel worth $794.6 million and aluminum worth $424.3 million in 2017.

Accordingly, New Delhi has notified retaliatory plans “” the duty on American apples will be raised by 25% and almonds by 20%. Among other items, India has notified an extra tariff of 10% on diagnostic reagent and binders for foundry molds, 15% on certain steel products, 10% on select pulses and 15% on phosphoric acid. These duties are proposed to be made effective from August 4 unless both countries work out a solution.”