Donald Trump's latest move to cost India Rs 38000000000 due to..., Modi govt preparing to retaliate by...
(File)
Trump tariffs: In his latest round of tariffs, US President Donald Trump has doubled import duties on steel and aluminum, a move that could have major impact on India's metal exports. As per a report by the Global Trade Research Initiative, Trump's imposition of double tariffs on steel and aluminum exports, could negatively impact India's metal exports worth $4.56 billion (around Rs 38,000 crore) to the US. Trump tariffs to impact India's $4.56 billion metal exports to US
As per official data, India exports metals, including steel and aluminum-related goods, worth a total of $4.56 billion to the United States in FY2025, $587.5 million worth of iron and steel, $3.1 billion in iron or steel products, and $860 million of aluminum and related products.
However, after Trump's latest tariff announcement, these Indian goods will have to pay and additional 50 percent import tax, which will make them more expensive in the US markets, thus impacting the competitiveness of Indian firms, whose businesses are likely to take a hit as local firm will outsell them. Trump tariffs pose environmental threat
The GTRI report warns that Trump's are not only a threat to global trade, but also the environment, because the manufacture and smelting of metals like steel and aluminum generates massive amounts of toxic gases like carbon dioxide, and its derivative gases.
However, according to experts, Donald Trump, who has openly denied climate change and global warning on several occasions, does not seem to care about these environmental issues, and is vehemently prioritising his 'America First' policy, part of which aims to bring back manufacturing to the US. How India is responding?
According to media reports, India has approached the World Trade Organization (WTO) against Donald Trump's latest tariffs, and is believed that the Prime Minister Narendra Modi-led government is mulling to impose retaliatory tariffs in response.
On Saturday, Donald Trump, citing 'national security' issues, raised the tariffs on steel and aluminum imports into the US from 25 percent to 50 percent. The new tariffs will come into effect from June 4, 2025.
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