India estimates a "minor impact" from U.S. President Donald Trump's plan to increase tariffs on steel and aluminium products as the South Asian country exports low volumes to Washington, the federal steel minister said on Monday.

India foresees a "minor impact" from the United States President Donald Trump's proposed elevation of tariffs on steel and aluminium products, according to the federal steel minister's statement on Monday,

Donald Trump's proposed 50% tariff on steel and aluminium imports threatens India's engineering goods' shipments, potentially impacting USD 5 billion worth of exports. The existing 25% tariff has already intensified global competition.

President Donald Trump is using his love of tariffs to threaten high-profile American companies. Over the past month, Trump has said he’d like to target two specific and very different companies – Apple and Mattel – with tariffs aimed at their key products over comments by their CEOs.

Apple and India have invested years and billions of dollars in teaming up against China. India sees it as a strength. To President Trump, it looks like leverage.

President Trump would invoke other tariff authorities if his appeal of a trade court's ruling isn't successful, Commerce Secretary Lutnick said.