US Tariff Hike On Steel To Have 'Minor' Impact On India: Union Minister
Last Updated:
'Minor impact will be there... We are not exporting (to the US) in a big way,' says steel minister H D Kumaraswamy.
Steel and Heavy Industries Minister H D Kumaraswamy on Monday said India is likely to see only a 'minor impact" from US President Donald Trump's plan to hike tariffs on steel and aluminium products, as the country exports low volumes to Washington. Last week, Trump said he intended to double tariffs on imported steel and aluminium from 25% to 50%.
'Minor impact will be there… We are not exporting (to the US) in a big way," steel minister H D Kumaraswamy told reporters at a press briefing in New Delhi, as reported by Reuters.
Roughly a quarter of all steel used in the US is imported, the bulk of it from neighbours Mexico and Canada or close allies in Asia and Europe such as Japan, South Korea and Germany. India's steel exports to the US are much lesser.
However, ratings agency Fitch said in March that Indian steelmakers and steel prices could be hit if countries with higher exposure to the US redirect their shipments to New Delhi in search of more lenient markets for the alloy.
Industry Urges Govt To Take Steps To Protect Local Producers
Though the ministers says the impact would be minor, the industry urging the government to take measures to protect the local producers.
Jayant Acharya, joint MD and CEO of JSW Steel, told news agency PTI that India faces a heightened risk of trade diversion amid shifting global tariffs, especially due to its strong domestic demand. He further highlighted the need to implement necessary trade measures proactively and in time.
Every country is protecting their industry. India should also do that as long as India focuses on protecting its industry from low price imports, he said.
First Published:
June 02, 2025, 17:03 IST
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
23 minutes ago
- Economic Times
Households feel inflation is easing in short and medium term: RBI Survey
ANI Representational image Indian households' perception of current inflation in the country fell slightly, according to the Reserve Bank of India (RBI). As per the RBI's Households' Inflation Expectations Survey, the median inflation perception declined by 10 basis points to 7.7 per cent in May, down from 7.8 per cent recorded in March 2025. The survey also highlighted that expectations for inflation over the next three months remained unchanged at 8.9 per cent, while the one-year-ahead expectation declined by 20 basis points to 9.5 per cent. This indicates that households feel price pressures are easing, both in the short and medium term. Notably, fewer people now expect prices and inflation to rise compared to the last survey Reserve Bank of India released the findings of its bi-monthly "Inflation Expectations Survey of Households" for May 2025, which reflects a softening in the public's view on inflation. The survey was conducted between May 2 and May 11 across 19 major cities and received 6,079 valid survey data showed that the easing of inflationary expectations was visible across key product groups such as food, non-food items, household durables, housing, and services. In particular, around 55 per cent of households now believe food prices will increase more than the current rate. Among product categories, the expectation of a price rise in the next three months was highest for food products (82.8 per cent), followed by housing (78.3 per cent) and non-food items (75.3 per cent).Looking one year ahead, 89.2 per cent of respondents expect a general rise in prices, although this number has moderated from previous survey also pointed out demographic and regional differences. Retired persons and people above 60 years continued to perceive higher inflation compared to younger age groups. City-wise, people in Jammu, Kolkata, and Mumbai reported the highest inflation perception, while respondents from Bengaluru and Ahmedabad perceived inflation to be the results suggested a marginal improvement in inflation sentiment among households, indicating greater confidence in the price Reserve Bank clarified that this survey reflects individual expectations and consumption patterns and may not necessarily align with official inflation data or the RBI's views.
Time of India
26 minutes ago
- Time of India
Philippines opens doors to Indian tourists with visa-free entry starting June 8
Beginning June 8, 2025, Indian nationals can enter the Philippines without a visa for tourism purposes, as announced by the Philippine government. This initiative aims to boost tourism from India , which saw a 12% increase in arrivals in 2024, totalling nearly 80,000 visitors. Despite this growth, Indian tourists still represent a small fraction of the over five million travellers to Southeast Asia last year. Under the new policy, Indian citizens can enjoy a visa-free stay in the Philippines for up to 14 days. Additionally, those holding valid visas or residence permits from the United States, Australia, Canada, Schengen countries, Singapore, or the United Kingdom are eligible for a visa-free stay of up to 30 days. These measures are part of the Philippines' broader efforts to enhance tourism and attract more travellers from key international markets. Earlier this week, Air India has announced the launch of non-stop flights between Delhi and Manila, starting October 1, 2025. The airline will operate five weekly flights using Airbus A321neo aircraft, offering Business, Premium Economy, and Economy cabins. This new route makes Air India the only carrier providing direct connectivity between India and the Philippines, further facilitating travel and strengthening ties between the two nations. (Join our ETNRI WhatsApp channel for all the latest updates)
United News of India
32 minutes ago
- United News of India
US SC gives Trump admin's DOGE dept full authorisation to access social security data
Washington, June 7 (UNI) The US Supreme Court on Friday authorised officials from the Trump administration's Department of Government Efficiency (DOGE) to access Social Security Administration data, giving it complete access to all sensitive private data of American citizens. The Supreme Court issued the authorisation after allowing an emergency petition filed by the administration of President Donald Trump to ask for a lifting of an injunction issued by a district judge in Maryland, who stated that privacy must be safeguarded, reports said. 'Under the present circumstances, SSA may proceed to afford members of the SSA DOGE Team access to the agency records in question in order for those members to do their work,' the court said in a three-paragraph order. The order didn't, however, give the reasoning behind its ruling, which has become a very controversial issue. The order was also challenged by the court's three liberals — Justices Elena Kagan, Sonia Sotomayor and Ketanji Brown Jackson — all of whom dissented. In an opinion joined by Sotomayor, Jackson said the court was 'creating grave privacy risks for millions of Americans.' In the SSA case, US Solicitor General D. John Sauer told the Supreme Court that 'the government cannot eliminate waste and fraud if district courts bar the very agency personnel with expertise and the designated mission of curtailing such waste and fraud from performing their jobs.' The DOGE department, which was created by the Trump administration and was until recently headed by SpaceX CEO Elon Musk, before his resignation following his spat with the POTUS, while not an official government department, was designed specifically to monitor data fraud and misinformation. The disputed data includes Social Security numbers, addresses, birth and marriage certificates, tax and earnings records, employment history, and bank and credit card information. The lawsuit challenging DOGE's actions alleged that allowing broader access to personal information would violate a federal law called the Privacy Act, as well as the Administrative Procedure Act. U.S. District Judge Ellen Hollander had ruled that DOGE had no legitimate need to access the specific data in question, according to Xinhua. The 4th circuit court of appeals, based in Richmond, Virginia, declined to block Judge Hollander's decision, prompting the Trump administration to file an emergency request with the Supreme Court. In a separate order issued Friday in another case involving DOGE, the Supreme Court granted an additional request filed by the Trump administration, allowing it to shield DOGE from Freedom of Information Act requests for the time being. UNI ANV PRS
