"Both countries are committed to work together, both countries desire to give preferential access to each other's businesses and we are working towards the bilateral trade agreement," Goyal told repor

The US has refused to engage in consultations, arguing that its February 10 decision to impose a 25% tariff on all steel and aluminium imports was not a safeguard measure.

India and the US are pushing for preferential market access and resolution of pending tariff issues as they accelerate talks on an interim trade deal ahead of a broader agreement.

As former US President Donald Trump imposes 50 per cent tariffs on steel and aluminium from 4 June, New Delhi should leverage ongoing FTA talks rather than escalate trade tensions, advises the Global Trade Research Initiative (GTRI).

India and the US aim for preferential market access in a proposed bilateral trade agreement, aiming to double bilateral trade to $500 billion by 2030. Talks are ongoing to resolve tariff issues and finalize an interim agreement.

The US rejected India's WTO notice on retaliatory tariffs against steep metal duties, prompting India to consider suspending concessions on American imports.

India will significantly cut import taxes for foreign automakers that pledge to invest in domestic EV production lines. The policy, which has been in the works for a year, was originally designed to attract Tesla to set up manufacturing in the country but CEO Elon Musk put his investment plans for India on hold last year.

India and the US are accelerating negotiations to conclude an interim trade agreement by late June, aiming to avoid new 26 per cent US tariffs on Indian exports and seeking a full rollback of April 2 tariff hikes.