New Delhi: As President Trump has released the latest threats of 25% tariffs on all steel and aluminum imports in the US (at the top of the existing metal duties), India is getting ready to unbaccate itself from countries that He has cited, citing “the worst tariff manipulators”. Its recent duties indicate a decrease in average duties in recent years.
On Monday, Trump’s Economic Advisor Kevin Haset said that there are high tariffs in India that stop imports, and said that Modi had “to discuss a lot with Trump” because he meets at the end of this week. Are.
Following the budget announcements on tariff cuts for the bike, including other products for the meeting of PM Modi with the prestigious Harley Davidson, and Trump, officials said that they have prepared a land for the PM to poinse to Trump The government is sensitive to a wide look at the tariff to bring them down in the concerns of the White House and to bring them down. He also stated that the lack was a sign for the world that tariff rates were not high by some business partners.
The reduction in the Union Budget is estimated that the average duty has been reduced from percentage points to 10.6%. Average tariffs on imports from the US have also decreased over the years. In fact, for the top 30 imports from the US including oil, gas, diamonds and airplanes, the levy is going to the most 7.5%, officials have said.
25% steel tariffs will not kill India’s shipment for America
Officials are also laying stores from the US strategic requirement for good strategic relations with India, that Trump cannot disturb the pain blockage of New Delhi on the threshold.
Although Modi and Trump have enjoyed a good synergy since the first term, the government believes that nothing can be taken while treating the US President to get the best deals for America Looks at himself as a transitist with an unmatched capacity.
While 25% of tariffs proposed on steel and aluminum have shaken the world, it is unlikely to have a significant impact on India’s shipment. During the last financial year, India’s iron and steel export estimated was $ 475 million, adding iron and steel products to another $ 2.8 billion. The export of aluminum and articles made of this metal was less than just $ 950 million in 2023–24. The largest sources of US steel imports are Brazil, Canada and Mexico, followed by data from South Korea and Vietnam, government and American Iron and Steel Institute.
In 2018, the previous Trump administration imposed 25% tariff on steel and 10% tariff on aluminum, citing national security concerns. These tariffs covered most primary steel products, except stainless steel, and included steel pipes and tubes. Tariffs applied to most countries trigger a wave of anti -retaliation measures and increase stress in global trade. This inspired American auto companies to reduce production.
Trump, along with China, Brazil and Mexico, clubbed India as a high-tariff country and threatened action. So far, however, India has not faced any specific action and both sides have talked about strengthening trade and economic relations. In Modi’s meeting with the US President, only this process is expected to smooth, which the two leaders see the close bond shared.
Trump’s announcement increased gold prices, which was seen as a safe shelter during turbulent time, while the dollar was more. While Sensex closed down by 550 points on Monday, global shares feel that this is a danger. The global markets are on the edge, beware of a possible business war. Especially there is a possibility of high tariffs on Chinese steel and aluminum, however, there is no good news for India as the domestic industry is already complaining about cheap flood imports in markets. This may deteriorate if Trump proceeds with his plan, likely on Monday, because China will look at the huge Indian market to cover some possible damage in the US.
The domestic steel industry has petitioned the government to impose 20-25% security guard duty on steel to protect domestic players from hunter imports. Small businesses and exporters, however, areware of these levy and have sought “balanced response” so that Indian consumers do not pay more. An analysis by GTRI has shown that India’s iron and steel imports in FY2018 increased by $ 10.4 billion, when the US-China trade war began, to $ 18.6 billion in FY2024.
