The tariff negotiations on steel import of India is underway with the United States. As India sends a limited amount of its shipments to the US, would there be any immediate impact on domestic steel exports of the country? Will the tax charge imposed by the US on steel imports affect the local industry of India?
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The steel minister of India, Chaudhary Birender Singh, on Friday said discussions are underway with the United States over the 25 per cent tax it had levied on steel imports. The President of the US, Donald Trump, had earlier imposed a 25 per cent import duty on steel and 10 per cent on aluminium.
However, the minister said there would not be any immediate repercussions on domestic steel exports as India sends a limited amount of its shipments to the US. “Negotiations are still on (with the US). There may some a sort of understanding… and the other side is that we are to go for certain steps to be taken to safeguard our interest,” said Singh at Assocham India Steel Summit – Enhancing Competitiveness & Overcoming Challenges.
The steel minister had earlier said that the 25 per cent tax charge imposed by the US on steel imports can ‘indirectly’ affect the local industry.
“The US decision to impose 25 per cent tariff on steel imports will have a negligible direct impact as India’s share of US Steel imports is very small as compared to other countries, but there might be an indirect impact,” Singh said.