Latest news with #BTA
Time of India
an hour ago
- Business
- Time of India
FIEO worried over US tariff hikes on steel, aluminium
New Delhi: The Federation of Indian Export Organisations ( FIEO ) Saturday raised concerns about potential disruption to India's steel and aluminium exports to the US after President Donald Trump's announcement of a plan to double import tariffs on steel and aluminium to 50% from 25%. They particularly fear that the exports of value-added and finished steel products and auto-components, stainless steel pipes, and structural steel components could be hurt. This potential increase 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. "These products are part of India's growing engineering exports, and higher duties could erode our price competitiveness in the American market," said SC Ralhan, president, FIEO. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like A brain tumor threatens his life. Please save him. Donate For Health Donate Now Undo India exported approximately $6.2 billion worth of steel and finished steel products to the US in FY25 including a wide range of engineered and fabricated steel components and about $0.86 billion of aluminium and its products. The US is among the top destinations for Indian steel manufacturers, who have been gradually increasing market share through high-quality production and competitive pricing. Exporters said that though the decision stems from domestic policy considerations in the US, such sharp increases in tariffs send discouraging signals to global trade and manufacturing supply chains. Live Events India and the US are negotiating a Bilateral Trade Agreement and exporters said that the move will complicate the talks. "It's unfortunate that while BTA negotiations are going on, such unilateral tariff increases should be done. It only makes the work of the negotiators much more difficult and complicated. This will definitely impact the engineering exports, which are about $5 billion under this head," Pankaj Chadha, chairman EEPC India. Chadha added that since the UK has been given exemption from Section 232, the same exemption should also be given with TRQ restrictions to India. "We urge the government to take up the issue at the bilateral level to ensure that Indian exporters are not unfairly 25% additional duty will be a huge burden, which is difficult to be absorbed by the exporter/importer," Ralhan said. On March 8, 2018, the US promulgated safeguard measures on certain steel and aluminium articles by imposing 25% and 10% ad valorem tariffs respectively on such products with effect from March 23, 2018. On February 10, 2025, it revised the safeguard measures on imports of steel and aluminium articles, effective from March 12. New Delhi said that the US failed to notify the WTO Committee about a decision to apply safeguard measures and as an affected member with significant export interest, it has requested consultations with Washington and proposed retaliation against the measure.
Indian Express
3 hours ago
- Business
- Indian Express
Trump doubles steel, aluminium tariffs to 50% from June 4, exporters say ‘complicates trade talks'
US steel tariffs update: US PRESIDENT Donald Trump Friday announced he would double import tariffs on steel to 50 per cent, a move that was termed 'unfortunate' by India's exporters, who said this made trade talks 'much more difficult and complicated'. Addressing a rally at a US steel plant in West Mifflin, Pennsylvania, Trump said Friday, the sharp hike in tariffs on steel from 25 per cent to 50 per cent will 'even further secure the steel industry in the United States'. 'Nobody's going to get around that,' he said. Later in a social media post, Trump said, 'It is my great honour to raise the tariffs on steel and aluminium from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminium industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminium workers. Make America Great Again.' This fresh tariff hike follows a similar increase earlier this year, when Trump raised tariffs on aluminium and steel to 25 per cent. Exporters had told the Union Ministry of Commerce and Industry that exports worth $5 billion were affected. 'It's unfortunate that, while bilateral trade agreement (BTA) negotiations are ongoing, such unilateral tariff hikes are being introduced. It only makes the work of negotiators much more difficult and complicated. This will definitely impact engineering exports, which currently stand at around $5 billion under this category,' said Pankaj Chadha, Chairman, Engineering Export Promotion Council (EEPC) India. 'We urge that, since the UK has been granted exemption from Section 232, India should also be extended a similar exemption, possibly under tariff rate quota (TRQ) restrictions.' Federation of Indian Exporters' Organisation President S C Ralhan said the proposed tariff hike will have a significant bearing on steel exports, especially in semi-finished and finished categories like stainless steel pipes, structural steel components, and automotive steel parts. 'These products are part of India's growing engineering exports, and higher duties could erode our price competitiveness in the American market,' he said. The tariff hike has been implemented 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 first invoked this provision in 2018 to impose a 25 per cent tariff on steel and 10 per cent on aluminium. US tariffs on steel and aluminium tend to trigger ripple effects globally. During Trump's first term, the European Union imposed restrictions on Indian exporters in response to similar US measures. Ajay Srivastava, head of think tank GTRI, said, 'The economic impact of these higher tariffs will be significant. US steel prices are already high, at around $984 per metric tonne — far above European prices at $690 and Chinese prices at $392.' He said this is expected to push prices in the US to around $1,180 per metric tonne, squeezing domestic industries such as automotive, construction, and manufacturing that depend heavily on steel and aluminium as key inputs. 'Sectors may face hundreds of dollars in additional material costs per tonne, driving up prices, reducing competitiveness, and risking job losses or inflationary pressures,' he said. 'For India, the consequences are direct. In FY2025, India exported $4.56 billion worth of iron, steel, and aluminium products to the US, including $587.5 million in iron and steel, $3.1 billion in articles of iron or steel, and $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 said in a note following Trump's announcement. 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 duties, it remains to be seen whether India will proceed with retaliation, potentially by increasing tariffs on select US exports within a month. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
News18
a day ago
- Business
- News18
IFB Agro to acquire Cargill India's shrimp and fish feed biz
Last Updated: Kolkata, May 30 (PTI) IFB Agro Industries Ltd on Friday said its board has approved a proposal to acquire the entire commercial shrimp and freshwater fish feed business of Cargill India, marking a strategic move to consolidate its aqua feed operations. The acquisition – on a slump sale basis – includes Cargill India's manufacturing facilities at Vijayawada and Rajahmundry in Andhra Pradesh, along with feed formulations, assets, business contracts, liabilities, licenses, employees, and other associated resources, the company said in a regulatory filing. The transaction, subject to the execution of a definitive Business Transfer Agreement (BTA), is expected to be completed by July 31, 2025. The consideration will be paid in cash, though the specific value will be disclosed in the final agreement, IFB said. The move aligns with IFB Agro's strategy to grow its presence in the aqua feed segment, the company said. Cargill India, incorporated in 1996, is a major player in the Indian animal nutrition sector and also operates in grain, oilseed and the food ingredient market. PTI BSM RBT
India.com
2 days ago
- Business
- India.com
White House Vows to Fight Tariff Ruling All The Way To Top
New Delhi: A recent federal appeals court ruling has dealt a significant blow to President Donald Trump's trade policy, overturning many of his new import duties. The Trump administration has vowed to escalate the dispute to the Supreme Court, demanding that the decision be suspended. "We will win this battle in court," declared White House Press Secretary Karine Leavitt during a press briefing. The administration is also working to address concerns over "rogue judges" in the judicial system. Despite the legal uncertainty, other countries have confirmed their intention to continue working with the United States. According to Leavitt, the US trade ambassador has received assurances from countries that they will continue trade negotiations. This commitment to negotiations was further emphasized during a phone call between Trump and Japanese Prime Minister Shigeru Ishiba, where they exchanged views on tariff-related issues. "Countries around the world have faith in the negotiator in chief, President Donald J. Trump. And they also probably see how ridiculous this ruling is, and they understand the administration is going to win," Leavitt said. "And we intend to win. We already filed an emergency appeal, and we expect to fight this battle to the Supreme Court," the press secretary asserted. White House lawyers petitioned the Court of Appeals for the Federal Circuit on Thursday to halt Wednesday's decision from taking effect. The move followed a second court ruling that found President Trump had exceeded his authority in implementing the tariffs. The rulings represent significant victories for small businesses and states that have mounted legal challenges to the measures, striking at policies central to Trump's economic and foreign policy agenda. Leavitt also criticised the court's tariff ruling as an example of "judicial overreach." She argued that Trump's tariffs were introduced to address U.S. trade deficits with other nations and described the taxes as "legally sound" and "long overdue." past." Meanwhile, a US team is scheduled to visit India on June 5-6 for the next round of negotiations on a Bilateral Trade Agreement (BTA) between the two countries. The India-US trade deal would mark a significant milestone in economic relations between the two big economies, potentially opening new avenues for bilateral commerce and investment. Additionally, Ray Vickery, a Former United States Assistant Secretary of Commerce for Trade Development, stated that the trade agreement between India and the US can't be reached with Washington's "bullying approach." "In Trump, 1.0, there was a negotiation that came close to getting a freer trade, not a free trade arrangement between the United States and India. One hopes that that would happen, but it's not going to happen with this bullying approach, which the Trump administration has indicated," Ray Vickery told ANI. President Donald Trump has made repeated claims that the US mediated the cessation of hostilities between India and Pakistan and offered them "a lot of trade." However, India has emphasised that the two nations' militaries negotiated directly and resolved the conflict through an agreement and understanding for a cessation of fire and military action. The cessation of hostilities was agreed upon following a call from Pakistan's Director General of Military Operations (DGMO) to his Indian counterpart, Lieutenant General Rajiv Ghai, after India destroyed nine terror infrastructure sites in Pakistan and Pakistan occupied Jammu and Kashmir under Operation Sindoor. Additionally, Vikrey said that the Trump administration has a "misunderstanding" regarding trade deficits, due to which the US is determined to impose tariffs on other countries. "The Trump administration has a misunderstanding regarding trade deficits. Trade deficits are not necessarily something imposed just by unfair trade practices by another country, but they have to do with the United States' own saving and spending habits, he said.
India Gazette
2 days ago
- Business
- India Gazette
White House vows Supreme Court fight over Trump tariff ruling
By Reena Bhardwaj Washington, DC [US], May 30 (ANI): The Trump administration has threatened to escalate its tariffs dispute to the Supreme Court after a court ruling overturned many of the president's new import duties. The administration is demanding that the decision be suspended White House Press Secretary Karine Leavitt declared, 'We will win this battle in court', in a press briefing and said the administration is working to 'tackle rogue judges.' When asked why other countries would continue trade negotiations amid the legal uncertainty, she said the U.S. trade ambassador had heard from countries that morning confirming their intention to continue working with the United States. During a Thursday briefing, Leavitt also informed reporters that U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba spoke by phone on Thursday, exchanging views on tariff-related issues. The press secretary added that members of the president's cabinet--Secretary Lutnick, Secretary Bessent, and Ambassador Jamieson Greer--have been in contact with their counterparts worldwide to signal that the United States remains committed to negotiations. 'Countries around the world have faith in the negotiator in chief, President Donald J. Trump. And they also probably see how ridiculous this ruling is, and they understand the administration is going to win,' Leavitt said. 'And we intend to win. We already filed an emergency appeal, and we expect to fight this battle all the way to the Supreme Court,' the press secretary asserted. White House lawyers petitioned the Court of Appeals for the Federal Circuit on Thursday to halt Wednesday's decision from taking effect. The move followed a second court ruling that found President Trump had exceeded his authority in implementing the tariffs. The rulings represent significant victories for small businesses and states that have mounted legal challenges to the measures, striking at policies central to Trump's economic and foreign policy agenda. Leavitt also criticised the court's tariff ruling as an example of 'judicial overreach.' She argued that Trump's tariffs were introduced to address U.S. trade deficits with other nations and described the taxes as 'legally sound' and 'long overdue.'past.' Meanwhile, a US team is scheduled to visit India on June 5-6 for the next round of negotiations on a Bilateral Trade Agreement (BTA) between the two countries. The India-US trade deal would mark a significant milestone in economic relations between the two big economies, potentially opening new avenues for bilateral commerce and investment. Additionally, Ray Vickery, Former United States Assistant Secretary of Commerce for Trade Development, said that the trade agreement between India and the US can't happen with Washington's 'bullying approach.' 'In Trump, 1.0, there was a negotiation that came close to getting a freer trade, not a free trade arrangement between the United States and India. One hopes that that would happen, but it's not going to happen with this bullying approach, which the Trump administration has indicated,' Ray Vickery told ANI. President Donald Trump has made repeated claims that the US mediated the cessation of hostilities between India and Pakistan and offered them 'a lot of trade.' However, India has emphasised that the two nations' militaries negotiated directly and resolved the conflict through an agreement and understanding for a cessation of fire and military action. The cessation of hostilities was agreed upon following a call from Pakistan's Director General of Military Operations (DGMO) to his Indian counterpart, Lieutenant General Rajiv Ghai, after India destroyed nine terror infrastructure sites in Pakistan and Pakistan occupied Jammu and Kashmir under Operation Sindoor. Additionally, Vikrey said that the Trump administration has a 'misunderstanding' regarding trade deficits, due to whichthe US is determined to impose tariffs on other countries. 'The Trump administration has a misunderstanding in regard to trade deficits. Trade deficits are not necessarily something imposed just by unfair trade practices by another country, but they have to do with the United States' own saving and spending habits, he said. (ANI)
