&w=3840&q=100)
Doubling tariff on steel, aluminium by US to impact Indian exporters: GTRI
US President Donald Trump's announcement to double tariffs on imported steel and aluminium will impact Indian exporters, as it would hurt their profitability, think tank GTRI said on Saturday.
On May 30, Trump announced that he would double the existing 25 per cent tariffs on steel and aluminium imports from June 4.
This hike comes under Section 232 of the US Trade Expansion Act of 1962, a law that allows the president to impose tariffs or other trade restrictions if imports are deemed a threat to national security.
Trump originally invoked this provision in 2018 to set the 25 per cent tariff on steel and 10 per cent on aluminium. He raised tariffs on aluminium to 25 per cent in February 2025.
For India, the consequences are direct, the Global Trade Research Initiative (GTRI) said.
In 2024-25, India exported USD 4.56 billion worth of iron, steel, and aluminium products to the US, with key categories, including 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 exports are now exposed to sharply higher US tariffs, threatening the profitability of Indian producers and exporters," GTRI founder Ajay Srivastava said.
India has already issued a formal notice at the World Trade Organization (WTO) signalling its intention to impose retaliatory tariffs on US goods in response to the earlier steel tariffs.
"With Trump now doubling the tariffs, it remains to be seen whether India will carry out the retaliation by increasing tariffs on certain US exports within a month," he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
16 minutes ago
- NDTV
US, China Trade Row Could Ease After Trump-Xi Talks: Treasury Chief
US Treasury Secretary Scott Bessent said Sunday that President Donald Trump could speak with China's Xi Jinping "very soon," and that such a call could help break the logjam in the trade talks between the world's two biggest economies. Trump on Friday accused Beijing of violating a deal reached last month in Geneva -- negotiated by Bessent -- to temporarily lower staggeringly high tariffs they had imposed on each other, in a pause to last 90 days. China's slow-walking on export license approvals for rare earths and other elements needed to make cars and chips have fueled US frustration, The Wall Street Journal reported Friday -- a concern since confirmed by US officials. But Bessent seemed to take the pressure down a notch, telling CBS's "Face the Nation" that the gaps could be bridged. "I'm confident that when President Trump and Party Chairman Xi have a call that this will be ironed out," Bessent said, however noting that China was "withholding some of the products that they agreed to release during our agreement." When asked if rare earths were one of those products, Bessent said, "Yes." "Maybe it's a glitch in the Chinese system. Maybe it's intentional. We'll see after the president speaks with" Xi, he said. On when a Trump-Xi call could take place, Bessent said: "I believe we will see something very soon." Since Trump returned to the presidency, he has slapped sweeping tariffs on most US trading partners, with especially high rates on Chinese imports. New tit-for-tat levies on both sides reached three digits before the de-escalation this month, where Washington agreed to temporarily reduce additional tariffs on Chinese imports from 145 percent to 30 percent. China, meanwhile, lowered its added duties from 125 percent to 10 percent. In an interview with ABC's "This Week," Commerce Secretary Howard Lutnick said China was "slow-rolling the deal," adding: "We are taking certain actions to show them what it feels like on the other side of that equation." "Our president understands what to do. He's going to go work it out," Lutnick said.
India Today
28 minutes ago
- India Today
UK bans disposable vapes, first offence to be penalised, jail for repeat offenders
A ban on disposable vapes came into force across the UK on Sunday as the British government aims to stem their use by children, reduce litter and prevent the leaking of harmful chemicals into the ban makes it illegal for any retailer - online or in-store - to sell vapes, whether they contain nicotine or not. They will still be able to sell reusable crackdown follows the soaring use of disposable vapes in schools and a rising tide of trash, as users dispose of the vapes. It is estimated that as many as 5 million disposable vapes are thrown in bins or littered every week across the UK, rather than being recycled. A number of countries are seeking to regulate the vape market, which has grown exponentially over the past decade or so. Australia outlawed the sale of vapes outside pharmacies last year in some of the world's toughest restrictions on electronic cigarettes, while Belgium became the first European country to ban the use of disposable vapes at the start of this year. California has been at the forefront of bringing in new regulations in the UK's Department for Environment, Food and Rural Affairs said usage among young people remained too high, and the ban would "put an end to the alarming rise in school playgrounds and the avalanche of rubbish flooding the nation's streets".advertisementAlso known as single-use vapes, disposable vapes are non-refillable and unable to be recharged, and are typically thrown away with general waste or just thrown on the street. Even when they are recycled, they need to be taken apart by hand, while their batteries are a fire risk to recycling facilities and can leak harmful chemicals into the environment and potentially harming were given six months to prepare for the change by selling any existing stock. Rogue traders who continue to sell them risk a fine of 200 (USD 260) in the first instance, followed by an unlimited fine or jail time for repeat UK Vaping Industry Association said its members had moved quickly to comply with the June 1 deadline, but warned of "serious unintended consequences" emanating from too much regulation."We are concerned that this ban will encourage former smokers who have already transitioned from cigarettes, which kill 220 people every day in the UK, to return to combustible tobacco or opt for unregulated vapes," said its director general, John the British government is legislating to potentially restrict the packaging, marketing and flavours of e-cigarettes.
India.com
29 minutes ago
- India.com
Its Mukesh Ambani, Sunil Mittal vs Elon Musk again as Jio and Airtel gets ready to...
(File) Mukesh Ambani-led Reliance Jio and Sunil Mittal-owned Bharti Airtel, two of India's largest telecom service providers, are once again at odds with Starlink– the satcom service owned by world's richest man Elon Musk– following a brief truce between the domestic telecom major and the US-based satcom giant. Jio, Airtel object to TRAI recommendations According to a report by the Times of India (TOI), domestic telecom providers, including Jio and Airtel, have objected to the recommendations made by TRAI regarding spectrum allocation to satcom companies, alleging that these are 'non-transparent and non- justifiable', and tilted in favor of satellite companies over domestic terrestrial operators. In a statement, the Cellular Operators Association of India (COAI), which represents Indian telecom firms, rejected TRAI's assumption that satcom will merely be a fringe player with business presence limited to rural areas and remote, unconnected regions. COAI asserted that in 'reality', satcom service will be in direct competition with terrestrial networks. 'These recommendations thus create a substantial regulatory arbitrage as they fail to appreciate that in reality, satellite communication services are fast emerging as full-fledged competitors in the broadband market and the leading NGSO (non-geostationary satellite orbits) constellations are actively targeting retail and enterprise users in all geographies, including urban and well-connected regions,' said COAI DG Lt. Gen. (Retd) SP Kochhar, as per the TOI report. TRAI recommendations 'non-transparent', says COAI COAI also accused TRAI of not paying attention to any inputs provided by local telecom majors in its recommendations, and these inputs are now under consideration by the Telecom Ministry. It termed the TRAI recommendations as non-transparent, and based on 'non-justifiable assumption' rather than factual data. 'The limited consideration of stakeholder inputs coupled with the absence of comprehensive consultation on key issues — such as ensuring a level-playing field, evaluating network capacity, determining assignment methods, and establishing fair spectrum valuation—along with reliance on flawed assumptions, has culminated in recommendations that are not only inequitable but may also contravene the principles embodied in the Telecommunications Act, 2023,' the COAI stated. Mukesh Ambani, Sunil Mittal vs Elon Musk Earlier, domestic telecom operators led by Mukesh Ambani-owned Jio and Sunil Mittal's Airtel, had objected the government's decision to allocate spectrum on administrative basis to satellite communication (satcom) companies. However, Jio and Airtel later decided to partner with Starlink, weeks after Elon Musk met Prime Minister Narendra Modi during his US visit in February. Domestic firms purchase spectrum or airwaves via auctions, and COAI has raised objected to the 'differential spectrum pricing' suggested for terrestrial services versus satcom operators.', demanding that price per MHz should be equivalent or at least comparable for both, especially when used to reach the same consumers for identical services. Recently, Elon Musk-owned Starlink received a letter of intent (LOI) from the telecom ministry to begin services, and now awaits a formal license to start its India operations.
