New Delhi: Indian Steel Producers Will Be Facing A New Set of Challenges for Exporting Products after Us President Donald Trump Announced Plans to Reintroduce a 25 PER CENT TARIFF OLL STERF on Alle Decision which was met with much Criticism by Eu, China And Other Major Trading Partners.
Trump Steel tariff to be a significant blow for Indian Steel Makers?
Global Rating Agency Moody's Warned of Major Setbacks for Indian Steel Manufacturers who are already undergoing Much pressure, Struggling with Low Pries and Falling Earnings Due to HIGHEL STEL Ry in the past 12 years.
Hui Ting Sim, Assistant Vice President at Moody's Rating, SAID, “The US Tarifs on Steel will increase competition and exacerbate oversupply at other step E Increased Challenges in Exporting their products. “
Data from the Think Tank Global Trade Research Initiative (GTRI) shows that despite the trade war that began in 2018, us important of steel and aluminium have controlmed to rain. In 2024, Primary Steel Imports Reached $ 33 Billion, UP from $ 31.1 Billion in 2018.
The largest suppliers in the corresponding year was canada ($ 7.7 billion), Brazil ($ 5 Billion), and Mexico ($ 3.3 Billion). Meanwhile, important from China and India remained significantly Lower, at $ 550 million and $ 450 million, respectively.
Ajay srivastava, founder of gtri, noted that trump's latest tariff plan follows a Familiar Pattern. “If Trump Follows The Same Playbook, The Return of Tarifs on Steel and Aluminum COLD BE Used as Leverage in Trade Negotiations. The 2018 tariffs were widely seen as an aggresi strategy trading o Concessions. The latest move, if implemented, Lead to new trade disputes and retaliatory measures from affected countries, “He Told Pti.
However, the move is said to Benefit Domestic Steel Producers in the US, who would now have access to a market with strong demand for steel, allowing them to raise to raise selling history.
Trump indicated he would announs the new tariffs on monday, with further details on potential “Reciprocal tarifs” expected on tuesday or wedding. This means the US could impose additional duties on important from countes that have placed tarifs on American goods.
For Countries like India, the impact count be significant, especially as steel experts try to find alternative markets in an alorady oversupplied global industry.
Indian domestic market strong enough to withstand the blow?
Reflecting on the Amount of Steel India Exports to the Us, The Tariffs Should not have much time impact on the Indian Industry, as the Domestic Market is Strong, Steel Secretary Sandeep Pounderk SAIDNDIN
He said, “The US President has said about putting tariffs on step. How Much Steel Actually we Export to the US? We produced 145 million tonnes of step last year, of which 95,000 tonnes was expected to the us. So, how does it matter if out of 145 million tonnes, you are not able to expert 95,000 tonnes. “
In address at an event organized by bengal chamber of commerce and industry (BCC & I) He Remarks That The Domestic Market Itself is Strong Enough of the Growing Consumption, the Stepstation Ustry Will Find Difability to Cater to.
Trade tension of 2018
The situation is similar to what happy in 2018 when trump, during 1st tenure, introduced similar important duties 25 per cent on stepl and 10 per cent on certain aluminum products. A year laater, India retaliated by imposing additional customs duties on 28 us products.
On July 3, 2023, After Years of Tariffs, The US Removed Tarifs on Steel and Aluminum Imports from India. The decision came as part of a broader trade resolution announced during PM Narendra Modi's Visit to washington, which Saw India Agreeing to Open Its Market Further to American Goods.
Now, as Trump Signals a return to his aggressive trade policies, analysts warn of fresh uncertainty in global trade. “If History Repeats Itself, The Us Steel and Aluminum Industries May Benefit in the Short Term, but Global Trade Fricks Frictions Goods Intensify, with Lasting Economic CONSECES,” Srivastava Cuttioned.
(Tagstotranslate) Us Steel Imports (T) Trump Tarifs on Steel (T) Impact on Indian Steel Produce (T) Global Steel Market (T) Aluminum Tarifs
Leave a Reply