Trump's revised tariffs on steel and aluminium threaten India's USD 4.56 billion exports to US: GTRI
Trump's revised tariffs on steel and aluminium threaten India's USD 4.56 Billion exports to U.S: GTRI
Synopsis A Global Trade Research Initiative report warns that U.S. President Trump's decision to double tariffs on steel and aluminium imports, effective June 4, 2025, will significantly impact India's metal exports, valued at USD 4.56 billion. The increased tariffs, raising rates to 50%, are expected to make Indian products less competitive in the U.S. market, potentially harming Indian producers and exporters. US President Donald Trump's decision to double tariffs on steel and aluminium imports is set to impact India's metal exports worth USD 4.56 billion, a report by Global Trade Research Initiative (GTRI) has warned.
ADVERTISEMENT The revised tariffs, which will come into effect from June 4, 2025, are likely to hurt Indian producers and exporters by making their products more expensive in the U.S. market.
GTRI said "For India, the consequences are direct. In FY2025, India exported USD 4.56 billion worth of iron, steel, and aluminum products to the U.S.
According to the GTRI report, the United States has been a major destination for India's metal exports. In FY2025, India exported USD 4.56 billion worth of iron, steel, and aluminium products to the U.S. This included 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. These products now face sharply higher tariffs, making it difficult for Indian exporters to remain competitive.Trump announced on May 30 that the U.S. will raise the existing 25 per cent tariffs on steel and aluminium to 50 per cent, citing national security concerns under Section 232 of the U.S. Trade Expansion Act of 1962.
ADVERTISEMENT This law allows the U.S. president to impose trade restrictions if imports are considered a threat to national security. Trump had originally used this provision in 2018 to impose a 25 per cent tariff on steel and 10 per cent on aluminium. Earlier this year, in February 2025, aluminium tariffs were already increased to 25 per cent.
ADVERTISEMENT The GTRI report stated that the new tariffs are expected to push U.S. steel prices above USD 1,180 per tonne, increasing costs for key industries like automobiles, construction, and manufacturing.India has already issued a notice to the World Trade Organization (WTO) in response to these tariffs and is likely to take further action.
ADVERTISEMENT The GTRI also raised concerns about the environmental aspect of this move. Steel and aluminium production are among the most carbon-intensive industries globally. While other major economies are investing in green steel and aluminium technologies, the U.S. decision lacks any climate conditions.
The GTRI pointed out that this shows the Trump administration is prioritizing economic nationalism over environmental responsibility, raising questions about America's commitment to global climate goals and sustainable industry development.
(You can now subscribe to our Economic Times WhatsApp channel)
(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
NEXT STORY
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
Elon Musk explodes on Donald Trump's spending bill, says ‘shame on those who voted for it'
Billionaire Elon Musk took to X, formerly Twitter, to unleash a scathing criticism of President Donald Trump's new spending and tax bill. 'I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it,' Musk posted. His remarks came days after stepping down from a short-lived post in Trump's administration leading a federal spending reform initiative under the Department of Government Efficiency (DOGE). Tesla has seen a drop in EV sales, a blow attributed to Musk's association with Trump's controversial policies. House Speaker Mike Johnson hit back at Musk's criticism, calling it 'very disappointing.' 'With all due respect, my friend Elon is terribly wrong about the one big beautiful bill,' said Johnson, who claimed to have spoken with Musk for more than 20 minutes. Press Secretary Karoline Leavitt downplayed Musk's remarks, indicating they would not sway the administration's direction. 'The President already knows where Elon Musk stood on this bill. It doesn't change the president's opinion. This is one big, beautiful bill and he's sticking to it,' she said. Elon Musk just days earlier voiced criticism of Trump's tax and spending bill, warning it could worsen the federal deficit and derail cost-cutting efforts by the Department of Government Efficiency (DOGE), which he briefly led. 'I think a bill can be big or it could be beautiful. But I don't know if it could be both,' Musk said in an interview with CBS. 'It increases the budget deficit and undermines the work that the DOGE team is doing.' The bill narrowly passed the House last week and is now headed for a tough vote in the Senate. Trump is urging swift Senate action to get the legislation on his desk by Independence Day. 'Passing THE ONE, BIG, BEAUTIFUL BILL is a Historic Opportunity to turn our Country around,' Trump posted. He added: 'Work as fast as they can to get this Bill to MY DESK before the Fourth of JULY.' He has been holding closed-door meetings with Senate GOP leaders and making personal calls to individual senators to push the bill forward. The House-passed bill is projected to reduce federal revenue by $4 trillion over 10 years and increase the deficit by $2.5 trillion. It extends 2017 tax cuts and adds new ones — including eliminating taxes on tips — while slashing safety-net programs like Medicaid and food stamps. Phases out Biden-era tax breaks for electric vehicles and green energy Allocates $350 billion for border security and deportations Raises the debt ceiling by $4 trillion Imposes work requirements for safety-net recipients An estimated 8.6 million could lose health coverage, and nearly 4 million may lose food assistance. Senate Majority Leader Chuck Schumer called the proposal 'ugly to its very core,' aligning with Musk's criticism. 'Behind the smoke and mirrors lies a cruel and draconian truth: tax breaks for the ultra-wealthy paid for by gutting health care for millions of Americans," Schumer said. Senator Rand Paul has emerged as a key GOP holdout, objecting to the $4 trillion debt ceiling hike included in the bill. 'Rand votes NO on everything, but never has any practical or constructive ideas. His ideas are actually crazy (losers!),' Trump posted on Truth Social. Paul responded: 'I like the president, supported the president. But I can't in good conscience give up every principle that I stand for and every principle that I was elected upon.' Treasury Secretary Scott Bessent has warned that without a debt ceiling increase by mid-July or early August, the US will run out of money to pay its obligations. Lawmakers are debating possible tweaks to the House version, including: Revising the proposed $40,000 SALT cap Reconsidering the $35 Medicaid copay Reinstating provider taxes crucial for rural hospitals The Senate is expected to vote narrowly, mirroring the one-vote margin in the House. With a July 4th deadline looming, Trump's 'big, beautiful bill' faces fierce resistance—from Democrats, policy experts, and even one-time allies like Elon Musk.
Hindustan Times
an hour ago
- Hindustan Times
Top Cuban official accuses US of trying to provoke conflict
WASHINGTON -A visiting senior Cuban official on Tuesday accused the Trump administration of ratcheting up tensions between Washington and Havana and expressed concerns that the U.S. was trying to provoke a military confrontation. Speaking to reporters at the Cuban Embassy in Washington, Johana Tablada, deputy director for U.S. affairs in Cuba's foreign ministry, said an armed clash between the two old Cold War rivals was "not a good idea" and that the Cuban government was trying to ease the situation but that the U.S. appeared determined to further damage relations. Tablada said new Trump administration measures targeting Communist-ruled Cuba intend to rupture relations "to create conditions, in my opinion, for, if necessary, a military confrontation." Republican U.S. President Donald Trump and his top officials have taken a hardline approach to Cuba since he took office in January, returning longtime foe Cuba to a U.S. list of State Sponsors of Terrorism, tightening rules on remittances, and shutting off migration programs that allowed some Cubans to work in the U.S. legally. Trump officials have not publicly threatened any military action. A State Department spokesperson said the Trump administration had "no indication" that the Cuban government was ready for a "meaningful" dialogue with the U.S. "We call on the regime to release the American citizens, return U.S. fugitives, and free the hundreds of Cuban political prisoners who remain imprisoned and used as bargaining chips," the spokesperson said in a statement. U.S. Chief of Mission Mike Hammer - the top U.S. diplomat in Havana - has traveled the island widely in recent months to meet with political dissidents, raising the ire of the Cuban government, which accuses him of seeking to foment unrest. Cuba's foreign ministry last week issued a verbal warning to Hammer, saying he had incited "Cuban citizens to commit serious criminal acts, attack the constitutional order, or encourage them to act against the authorities," calling his actions a violation of the Vienna Convention norms on diplomatic relations. Tablada accused Hammer of channeling U.S. humanitarian funds to undermine the Cuban government and said Cuban diplomats would not be allowed to engage in similar behavior in the U.S. 'To push both countries into scenarios of confrontation and collision is not a good idea,' she said. Just days before Trump took office in January former President Joe Biden's administration removed Cuba from its terrorism blacklist, effectively reversing sanctions from Trump's first term. After returning to office, Trump quickly returned Cuba to the blacklist and also reinstated many of the restrictions on trade and travel that Biden had eased.
Economic Times
2 hours ago
- Economic Times
How much money the Boston-based Indian couple had to pay to turn Wall Street into a dance floor for their wedding
The Couple Behind the Celebration Music, Magic, and Manhattan Two Traditions, One Celebration You Might Also Like: Wall Street turned into a dance floor for this unbelievable Indian wedding. Who are the bride and groom? Permits, Police, and Precision In an event that stopped both traffic and timelines, Varun Navani and Amanda Soll brought the grandeur of a big fat Indian wedding to the heart of New York City. With a traditional baraat—the groom's wedding procession—cascading down Wall Street, the couple quite literally shut down the most iconic financial street in the it didn't come easy. The couple reportedly filed 28 permits to make their dream celebration possible, shelling out an eye-watering $25,000 to $66,000 (₹21 lakh to ₹56 lakh) per location, as per city records reviewed by the New York Post. That's not a wedding budget—it's a Wall Street-grade who are these headline-makers? Varun Navani is the CEO of Rolai, an AI platform helping people learn data science and machine learning. A Forbes 30 Under 30 alumnus (Boston, 2023), he brings innovation to the tech space. His bride, Amanda Soll, is no less accomplished—she serves as the Director of Legal Compliance and Risk Management at from Boston, the couple chose New York City as their wedding stage—and spared no expense turning it into a multi-day celebration began on May 23 at the Conrad Hotel with a welcome brunch and tea. That evening, guests gathered at The Glasshouse for a lively sangeet, filled with song and the real showstopper arrived on May 24, when Wall Street transformed into a dazzling baraat route. Videos now viral on social media show more than 400 guests dressed in traditional Indian attire dancing to the beats of dhols and DJ sets. Groom Varun arrived in a vintage white car, clad in a finely tailored ivory sherwani and layered pearl necklaces. Amanda stunned in a deep red Sabyasachi lehenga, epitomizing elegance and baraat ended at Cipriani Wall Street, where the grand reception unfolded—running from 5:30 p.m. until the early morning cultural fusion didn't end with the baraat. On May 25, the couple hosted a Jewish wedding ceremony at Cipriani, paying tribute to Amanda's heritage. An after-party followed at Slate, keeping the festive energy alive until 4 a.m. The final farewell came on May 26 with a goodbye detail—from venue choices to guest experiences—was thoughtfully curated to blend Indian and Jewish customs in a dazzling off a 400-person event in the middle of Lower Manhattan isn't simple. The city labeled it an 'extra-large' event, requiring extensive NYPD coordination and full block closures. The price tag—ranging between $25,000 and $66,000 (₹21–56 lakh) per permit—reflects the scale and ambition of the far from celebrity status or royalty, Varun and Amanda are a reminder that modern professionals, too, can pull off events that feel straight out of a Bollywood fantasy—if they're willing to plan and pay a city known for deals, deadlines, and data, the Navani-Soll wedding gave Wall Street a rare glimpse of uninhibited joy. For a few magical hours, the financial capital of the world grooved to dhols, draped itself in dupattas, and welcomed tradition with open was a dazzling display of culture and ambition, as Varun Navani and Amanda Soll turned New York's Wall Street into a vibrant celebration of love. With 28 permits, meticulous planning, and a lavish budget, the couple blended Indian and Jewish traditions across a multi-day wedding spectacle. Their grand baraat wasn't just a procession—it was a statement that even the busiest street can pause for joy.
