The impact from U.S. President Donald Trump's plan to increase tariffs on steel and aluminium products is likely to be "minor" as India does not export steel to the U.S. "in a big way", federal steel minister HD Kumaraswamy said on Monday.

Trump’s tariff decision coincides with a major development in the ongoing US Steel-Nippon Steel saga. After long opposing foreign ownership of the iconic steelmaker, Trump reversed course last week, now backing a “partial ownership” structure by Japan’s Nippon Steel.

U.S. President Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50% on Wednesday, a move that would hammer businesses from automakers to home builders,