&w=3840&q=100)
Trump's move to double tariffs on aluminium imports to hurt sector: AAI
Aluminium industry body AAI has expressed concerns that US President Donald Trump's announcement to double tariffs on aluminium imports in that country will hurt the Indian manufacturers who are already under pressure from surging low-cost imports.
On May 30, Trump announced that he would double the existing 25 per cent tariffs on aluminium imports from June 4.
"The 50 per cent tariff announced by Trump will damage the Indian aluminium industry, which is already under pressure from surging low-cost imports," Aluminium Association of India (AAI) said.
The metal has strategic importance to the country and critical to industries such as defence, aerospace, energy transition, telecommunications, power and construction, it said, adding that both primary aluminium and poor quality scrap are entering the country in large volumes, threatening to create a surplus, suppress domestic prices, and undercut the viability of domestic producers.
Though the government just announced a 12 per cent provisional safeguard duty on certain steel imports, AAI said there should be duty guardrails for the aluminium industry as well, which has so far invested more than Rs. 1.5 lakh crore to set up the current domestic primary aluminium capacity of 4.2 million tonnes per annum (MTPA).
FIMI Director General B K Bhatia stated that the major share of Indian exports of aluminium is accounted by US valuing about USD 946 million. A further increase in tariff is bound to have adverse impact on Indian aluminium exports market.
"We are hopeful that this issue will get resolved during ongoing trade negotiations between India and USA," he said.
In 2024-25, India exported iron, steel, and aluminium products worth USD 4.56 billion to the US, with key categories including USD 587.5 million in iron and steel, USD 3.1 billion in articles of iron or steel and USD 860 million in aluminium and related articles.
This proposed hike is tariff comes under Section 232 of the US Trade Expansion Act of 1962, which allows the president to impose tariffs or other trade restrictions if imports are deemed a threat to national security.
Trump originally invoked this provision in 2018 to set the 25 per cent tariff on steel and 10 per cent on aluminium. He raised tariffs on aluminium to 25 per cent in February 2025.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
The grocery list is dead. Long live the grocery app
A few years ago, when my mother first learned that tomatoes could arrive at our door in under ten minutes, she did not believe me. 'Ten minutes? From where?' she asked, as if I had claimed to conjure them out of thin air. I handed her the phone and showed her apps like Blinkit, Zepto, and Swiggy Instamart. She watched the screen with suspicion and in bemused horror. There were theories that the tomatoes would never arrive. But arrive they did. Fresh, plump, perfectly ripe, and almost too red. And just like that, the quiet, poised theatre of kitchen life in our home began to change. Not in a dramatic, overnight sense, but more like the app update that installs in the background while you sleep. Before the apps, our kitchen moved to a weekly rhythm. Grocery lists were written on the backs of old envelopes and disused bills, and then tucked into my father's shirt pocket. My mother maintained a parallel, exhaustive mental inventory. She was like the internal supply chain manager, aided by decades of intuition and practice. We bought only what was needed and in season. And this shaped what we cooked and how we ate. Then came these apps. All of a sudden, like the (un)invited relative. At first, they were convenience tools, used sparingly – bulk rice order, maybe some bhujiya. But over time, something shifted. One of the first casualties of this era was the old, crumpled grocery list in my father's shirt pocket. In the past, shopping lists were domestic epics, many days in the making. They were a manifestation of meticulous planning and financial prudence. However, what used to be mindful provisioning morphed into fickle, mood-based ordering. Today, the act of 'doing the grocery' no longer feels like an important part of life, but rather an algorithm-dictated chore. We shop only in reaction, not in response. Instant cravings are now logistical possibilities. And I must admit – the very idea that you are never more than ten minutes away from abundance is indeed seductive. But food, at least in Indian homes, was never just about hunger or scarcity. It was about anticipation, particularly the slow build-up to a meal and smelling it being cooked hours before it is served. That entire sensory arc is lost when the paneer arrives, as an afterthought, after you have already begun to prepare the tadka. The fridge has become the new warehouse. Packed not with fresh vegetables or pickles of different varieties, but with plastic bags from quick-commerce orders, often duplicated items. There's less frugality and more waste. My mother sometimes forgets she ordered dhania the day before. It lies wilting in the corner, only to be superseded by a fresher bunch. All this might reek of Doordarshan-era nostalgia. Rest assured, it is not. Nor is this a call to delete the apps. Let us be honest: urban lives are, as it is, squeezed for time, and nuclear families are optimising every errand. And in many ways, these apps are liberating, especially for working mothers, bachelors, the elderly, and those without transport. Lest I sound ungrateful: the grocery app saved me at 02:52 am when I needed heartbreak snacks (while listening to KK and Lucky Ali songs). Despite the conveniences offered, my mother is not entirely thrilled. The app has empowered her, yes, but it has also diluted her authority. In most Indian homes, the kitchen is the command centre. And mothers are its benevolent dictators. It is not just about food but also about control. Earlier, she controlled the kitchen through curation. Now, anyone with the app can become a gatekeeper. My father orders dal without telling her. My cousin buys exotic cheeses 'just to try'. The grocery app has flattened the hierarchy and digitised monetary transactions. For mothers used to operating in the analog era of mental maths and command-and-control planning, this is annoying and has become one more battlefield for domestic micro-management. Also, the kitchen has long been the site for community bonding. Neighbours borrowed salt and sugar freely. The aunty next door would send over gajar for the halwa and you returned the favour by sending her an extra helping, once it was cooked and sweetened. This ecosystem has crumbled. Who will borrow when the app exists? Community exchange, already on the decline, has taken another hit. Perhaps, in the future, an app could have a feature that connects neighbours for sugar swaps. Wistful thinking, ultimately. However, what I miss most is the neighbourhood grocer. It was the parchoon ki dukaan where the proprietor knew our tastes. He would suggest the better brand or throw in some samples for free. There was always a little gossip about the mohalla, and he forwarded credit without asking. In place of friendly nods and familiar faces, we are now in the business of handing out indifferent stars to the delivery boys. Cajoling the sabzi wala to give free coriander was a performance in itself, replete with sighs, a bit of emotional blackmail, head-tilts, and the classic mock walk-away. Today, what is left is quick and convenient. It works just fine, but it does not linger. Yet, even amidst all this, just as Jeff Goldblum declared, 'life, uh, finds a way', old habits and instincts too have an uncanny tendency to come back in unexpected moments. Just last week, I saw my mother scrolling an app for one tomato. One. I watched in horror as she added it to the cart and then paused. 'Rs. 31 is the delivery charge? Arey nahin, leave it. I will go get it myself. And you, come with me.' There it was, that tiny rebellion. She tied her dupatta, grabbed her sturdy old jute bag, and headed out like the old times. Because some tomatoes, she decided, must still be bought the hard way. And perhaps, some things, like the way a kitchen breathes, are still worth taking the long route for. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Time of India
27 minutes ago
- Time of India
Meerut man arrested for operating multi-crore car loan fraud
Meerut: The special task force in Meerut arrested a 35-year-old man on Wednesday for allegedly operating a car loan fraud gang, causing losses worth crores to several banks. Additional SP STF Brijesh Kumar Singh said, "Anangpal Nagar, a resident of Kithore in Meerut, was the mastermind behind the crime and had been involved in this scam for the past 10 years. So far, six cars have been identified and a loss of over Rs 2.5 crores have been accounted for." Singh added, "Nagar used forged addresses in car loan documents along with fake Aadhaar cards at banks to secure loans and later sold the cars — mostly luxury — after defaulting on EMIs. The addresses on the documents were often linked to rented houses. Once a vehicle was financed, the accused vacated the listed address, stopped paying the EMI, and sold the vehicle at a reduced price to unsuspecting buyers." During interrogation, Nagar revealed that he registered a fake enterprise named Preeti Dairy, in the name of his female friend, showing its location in the Modipuram region of Meerut. Police said he used this fake business to create financial credibility by opening multiple bank accounts and transferring money between them to manipulate the cibil score in ITR filings. "In March, Anangpal financed a Fortuner from an SBI branch using a friend's name. Last year, he financed a Scorpio for Rs 18.5 lakh from the Indian Bank in the name of another female friend and later sold it to one Mohit Siwach for Rs 11 lakh. Two Toyota HyRyder vehicles were also financed — one from Toyota Finance and the other from ICICI Bank in Gurgaon — using fake address proofs. One of these was later sold to a buyer in Rajnagar Extension of Ghaziabad for Rs 16 lakh," Singh said, adding that investigation is ongoing to identify other members of the gang and trace more vehicles obtained through this racket.
India.com
28 minutes ago
- India.com
Rs 400 crore, Rs 600 crore, Rs 1000 crore...: Rich Indians are buying luxury properties across India due to...
Representational Image/File From lavish bungalows in the Mumbai's upscale Malabar Hill to expensive apartments in Lutyens, Delhi, the sale and purchase of luxury real estate by India's ultra rich has increased at a rapid pace in recent times. According to a report by the Economic Times, Leena Gandhi Tewari, the chairperson of pharmaceutical giant USV Private Limited, recently purchased two duplex flats, with a combined area of 22,572 square feet, in Mumbai's Worli for Rs 635 crore. The deal is being touted as the most expensive in India, with each square foot of space costing a whopping Rs 2.83 lakh, as per the report. Additionally, the Kotak family has bought an entire sea-facing building in Mumbai for Rs 628 crore, while DMart owner Radhakishan Damani purchased a vintage bungalow in the posh Malabar Hill area for a staggering Rs 1000 crore. Why India's ultra rich are investing in luxury real estate? As per experts, there are a multitude of factors responsible for the country's uber-rich deciding to invest in luxury real estate, such as the rising demand in the real estate market for luxury homes. However, the number of such properties is still relatively compared to the demand, especially in highly-sought areas like Lutyens, Delhi, Mumbai's Worli, and Golf Course Road in Gurugram. This unequal demand and supply scenario in the luxury real estate market has resulted in prices of these properties skyrocketing in recent times, which can be gauged from the fact the Leena Tewari paid a record Rs 2.83 lakh per square feet for her duplex apartments in Mumbai, while one square feet at Gurugram's DLF Camellias costs around Rs 1.17 lakh. Notably, the ultra rich are not buying these properties for habitation, they plan to monetize them. As per reports, the Kotak family plans to rebuild the sea-facing building they recently purchased in Worli, and likely turn it into a luxury apartment building. Luxury real estate prices skyrocketing in Indian metros Luxury real estate prices in India metros and tier-I cities are surging at a rapid pace, with Mumbai, Bengaluru and Delhi ranked among 15 world cities where prices of luxury homes are increasing the fastest, as per a report by Knight Frank. Bengaluru ranks 4th on the list, followed by Mumbai at 5th, and Delhi at the 15th spot. According to market data, India's luxury home market grew by 28% in FY23-24, with Delhi-NCR topping the sales. Together, Bengaluru, Mumbai and Delhi-NCR accounted for 67% of the total investment in luxury real estate, showcasing these cities as major real estate hubs in the country. Notably, the number of high net worth individuals (HNIs) increased by 6% to 85,698 in 2024, and the number is expected to reach 93,753 by 2028, according to the Knight Frank Wealth Report 2024. The report noted that HNIs in India invested 32% of their wealth in real estate in 2024, while the figure was 25% in 2020.
