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US tariffs on steel, aluminium to have minor impact on India, says minister
Union Minister of Steel and Heavy Industries HD Kumaraswamy on Monday said that India is likely to experience only a "minor impact" from the recent US decision to increase tariffs on steel and aluminium imports.
'Minor impact will be there... We are not exporting (to the US) in a big way,' the minister was quoted as saying by news agency Reuters.
The statement follows US President Donald Trump's announcement last week that he would double the tariff on steel imports to 50 per cent to protect the American industry.
Later on his Truth Social platform, Trump also said that aluminium tariffs would also be doubled to 50 per cent, and both tariff hikes would go into effect Wednesday (June 4).
The US imports most of its steel from neighbouring countries like Mexico and Canada, as well as key allies in Asia and Europe, including Japan, South Korea, and Germany.
While Kumaraswamy said the tariffs will have minor impact, industry leaders in India have raised concerns about potential trade diversions and called for measures to protect the domestic industry.
Industry leaders demand proactive measures
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.
Similarly, Ranjan Dhar, director and vice president, AMNS India said there is need to be watchful on imports. He hoped that "protection will come for domestic industry".
Where does India's steel industry stand currently?
In FY25, India's steel imports increased by 9.2 per cent to 10.5 million tonnes, while exports dropped significantly by 27 per cent to 6.3 million tonnes, keeping the country a net importer for the second consecutive year.
In order to protect the domestic industry from cheap imports, the government in April 2025, imposed a provisional safeguard duty on imported flat steel products.
Following this, India's finished steel imports fell 11.3 per cent year on year in April to 0.5 million metric tons following a decline in shipments from China and Japan, Reuters reported last month.
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