Trump's tariffs won't hurt our domestic business: Tata Steel VP
Recent US trade tariffs on India will not hurt the domestic business of Tata Steel. However, enhanced tariffs on European goods will potentially impact the steel business of the company in Europe, Tata Steel vice-president (corporate services) D B Sundara Ramam said.The VP on Friday said the company is evaluating the likely effect of the European tariff and will respond accordingly."With regard to our domestic steel production, the company plans to improve cost efficiency and increase productivity," Ramam said.The Donald Trump regime has imposed a 50 per cent country-specific tariff on most Indian goods and a US tariff ceiling of 15 per cent for European Union (EU) goods, respectively.Further, the VP said that the company is keen to provide municipal facilities beyond the command limits of the company so that people avail better civic amenities in the non-command areas too."Tata Steel lease area is reduced to 45 sq km from 64 sq km radius. However, we aim to provide good civic facilities to the people beyond the lease area jurisdiction so that everybody avails better municipal services," Ramam said.Ramam said sanitation, waste management, better road connectivity, among other facilities, remain the priority of the company for the city.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
26 minutes ago
- Business Standard
Ukraine ceasefire still on table as Trump seeks deal, says Rubio
Secretary of State Marco Rubio said the US hasn't ruled out a ceasefire in Ukraine as part of the goal of brokering a peace agreement between Russia and Ukraine, while arguing that additional sanctions would be unlikely to force President Vladimir Putin to accept a deal. While Donald Trump had gone into Friday's summit with Putin seeking a ceasefire, he'd emerged saying he was going to focus on a final settlement. Rubio told NBC's Meet the Press that the US remains committed to crafting a deal that includes both 'what the border lines are going to look like' and Russia accepting that Ukraine 'is a sovereign country.' Rubio sought to outline a path forward after the summit in Alaska without indicating what leverage the US intends to use on either side in the war, which began with Russia's full-scale invasion of Ukraine in February 2022. Trump told Fox News after the summit that he'd encourage Ukrainian President Volodymyr Zelenskiy to make a deal with Russia. A full peace agreement is 'the best way to end the war now, whether there needs to be a cease fire on the way there,' Rubio said. 'Well, we've advocated for that. Unfortunately, the Russians as of now, have not agreed to that.' European leaders will be joining Zelenskiy at follow-up talks Trump on Monday in Washington, in a show of support as Ukraine's leader faces growing US pressure to agree to a quick peace deal with Russia that involves giving up territory. Rubio said no US sanctions on Russia have been relaxed and the US may eventually end up imposing tougher penalties if talks stall. 'And so those options remain to the president,' he said. 'The minute he takes those steps, all talks stop.' Engaging with Russia is necessary to end the war, 'as distasteful people may find it,' Rubio said. Asked whether a ceasefire is off the table, Rubio said, 'No, it's not off the table.' At the same time, he added, 'Let's be frank, this is not our war.'
Mint
26 minutes ago
- Mint
3,00,000 jobs at risk? Experts say THESE sectors likely to get impacted due to Trump tariffs on India
There are concerns among experts that increased tariffs announced by President Donald Trump on Indian imports into the United States, will have a negative impact on jobs in the affected sectors, PTI reported. According RP Yadav, founder and CMD of workforce solutions and HR services provider Genius HRTech, the hiked US tariffs are expected to significantly impact India's employment landscape in industries heavily dependent on the US market for growth and continuity. Sectors such as agriculture, auto components, gems and jewellery, and textiles are likely to be among the worst impacted, as per Yadav. He added that even within these sectors, it is the micro, small and medium enterprises (MSMEs) who will bear the brunt. Yadav estimates that between 2,00,000 to 3,00,000 jobs are at immediate risk. Further, the labour-intensive textiles industry alone could potentially lose 1,00,000 jobs, if the tariff regime continues beyond the next six months, he added. He added that in the gem and jewellery sector, including units in Surat and SEEPZ in Mumbai, 'thousands of jobs are at risk due to reduced demand and cost escalation in the US market', he added. However, not all agree. Balasubramanian Anantha Narayanan, Senior VP at TeamLease Services, feels that unlike China, India is largely a domestic consumption driven economy. Thus, any impact from the US tariffs would not impact jobs. 'At this point in time, we aren't seeing any signs of a slowdown or loss of jobs. This also by extension means that our jobs are largely in service of domestic demand too, with the exception of some sectors like ITeS among others,' Narayanan said. He added, 'Our exports to the USA are $87 billion, which is roughly about 2.2 per cent of our overall GDP. Largely pharma, electronics etc. won't be affected for now, which will further limit the export exposure to industries such as textiles, gems and jewellery among others.' Further, Narayanan noted that the full 50 per cent tariff hike comes into effect later this month on August 27, and it is possible that some negotiations could happen before that. He added that positives from the recently announced free trade agreement (FTA) with the UK and other countries, could possibly make way for the redirection of Indian goods, rather than a complete shut down of the exports. 'Even if these US tariffs do come about, we'll definitely figure out a way of redirecting or diversifying our trade to other markets. Therefore, at this point in time, we aren't seeing any signs of a slowdown or loss of jobs. It's an evolving situation and we'll get to know more in due course of time,' he feels. Aditya Mishra, MD and CEO of CIEL HR also feels that while the US tariff scenario is unsettling for Indian exporters, especially those in the auto components, electronics, engineering goods, footwear, gems and jewellery, leather, shrimp, and textiles, widespread layoffs appear unlikely at this stage. 'Companies are already in cost-containment mode, reducing discretionary spending, streamlining production, and freezing hiring. The immediate pressure will be on temporary and contract roles, particularly shop-floor workers, artisans, sales and logistics staff, and some mid-level managers in export-led units. This will have a cascading effect on thousands of MSMEs in the supply chain, which collectively account for a large share of employment,' Mishra felt.
Time of India
26 minutes ago
- Time of India
EU allies seek security assurances for Ukraine; to join Zelenskyy-Trump meeting at White House
European leaders, including French President Emmanuel Macron, convened a virtual meeting of the "coalition of the willing" on Sunday (August 17) to strategise ahead of Ukrainian President Volodymyr Zelenskiy's trip to Washington, D.C., where he is set to meet U.S. President Donald Trump amid pressure to accept a swift peace deal with Russia. Macron, German Chancellor Friedrich Merz, and British Prime Minister Keir Starmer led the video conference, joined by European Commission President Ursula von der Leyen, Italian Prime Minister Giorgia Meloni, Japanese Prime Minister Shigeru Ishiba, Australian Prime Minister Anthony Albanese, and others. The meeting aimed to coordinate positions and bolster Zelenskiy's stance as Ukraine faces challenging territorial demands from Moscow following Friday's (August 15) summit between Trump and Russian President Vladimir Putin in Alaska. Show more Show less
