India's steel secretary said on Wednesday that the industry does not see a major impact from tariffs imposed by U.S. President Donald Trump on steel imports as they do not export much steel to the country.

Steel Secretary Sandeep Poundrik said that the US decision will have now much impact on the domestic steel industry and companies. He said that India's share in steel exports to the US is below 1 lakh tonne.

United States President Donald Trump’s tariffs on UK steel “couldn’t come at a worse time,” the industry has warned as the levy on US imports is introduced. The British steel and aluminium industries are braced for the impact of the US president’s tariffs,

India's equity benchmark indexes are likely to open flat on Wednesday as investors remain anxious about the latest tariff threats from U.S. President Donald Trump and its potential impact on the world's largest economy.

Trump said that the US trading partners have ripped off the US through unfair trade practises. We've been ripped off at levels never seen before, and what we're going to do is get it back," he told Fox News.

US President Donald Trump has pledged to impose so-called reciprocal tariffs on imports from foes and allies alike from April 2, matching their levies to redress any perceived trade barriers for American companies.