Latest news with #EEPCIndia
Time of India
13 hours ago
- Business
- Time of India
FIEO worried over US tariff hikes on steel, aluminium
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 per cent from 25 per cent. 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. 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. 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 per cent 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 per cent and 10 per cent 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.
The Print
a day ago
- Business
- The Print
Trump's proposed 50pc tariff hike May hit USD 5 billion engineering exports: EEPC India
Currently, India exports around USD 5 billion worth of steel, aluminium and related products to the US annually. These metals and their derivatives constitute nearly a quarter of the country's total engineering shipments to the US, the Engineering Export Promotion Council of India said. Kolkata, Jun 2 (PTI) US President Donald Trump's proposed 50 per cent tariff on steel and aluminium imports could severely impact India's engineering goods' shipments, an engineering exports promotion body has said. The existing 25 per cent tariff on steel imports, imposed by the US on March 18, 2025, has already created a tough market for Indian exporters, it said. While India's direct steel exports to the US remain limited, the tariffs have intensified global competition and disrupted trade flows. 'If the US implements the 50 per cent tariff on steel, aluminium and their derivatives, exports of these critical items will become more expensive, likely leading to a decline in shipments,' Chairman of EEPC India, Pankaj Chadha, said. He pointed out that the UK recently secured an exemption from the 25 per cent steel and aluminium tariffs through a trade deal with the US, and suggested that India should seek a similar waiver during the ongoing Bilateral Trade Agreement (BTA) negotiations. 'This may not be the right time for such unilateral tariffs, especially when BTA talks are underway. It could complicate negotiations. The proposed hike could jeopardise engineering exports worth around USD 5 billion,' Chadha said. PTI BSM RBT This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
a day ago
- Business
- Business Standard
Trump's proposed 50% tariff hike may hit $5 bn engineering exports: EEPC
US President Donald Trump's proposed 50 per cent tariff on steel and aluminium imports could severely impact India's engineering goods' shipments, an engineering exports promotion body has said. These metals and their derivatives constitute nearly a quarter of the country's total engineering shipments to the US, the Engineering Export Promotion Council of India said. Currently, India exports around $5 billion worth of steel, aluminium and related products to the US annually. The existing 25 per cent tariff on steel imports, imposed by the US on March 18, 2025, has already created a tough market for Indian exporters, it said. While India's direct steel exports to the US remain limited, the tariffs have intensified global competition and disrupted trade flows. If the US implements the 50 per cent tariff on steel, aluminium and their derivatives, exports of these critical items will become more expensive, likely leading to a decline in shipments," Chairman of EEPC India, Pankaj Chadha, said. He pointed out that the UK recently secured an exemption from the 25 per cent steel and aluminium tariffs through a trade deal with the US, and suggested that India should seek a similar waiver during the ongoing Bilateral Trade Agreement (BTA) negotiations. This may not be the right time for such unilateral tariffs, especially when BTA talks are underway. It could complicate negotiations. The proposed hike could jeopardise engineering exports worth around $5 billion, Chadha said.
Time of India
a day ago
- Business
- Time of India
Trump's proposed 50% tariff hike may hit $5 billion engineering exports: EEPC India
US President Donald Trump 's proposed 50 per cent tariff on steel and aluminium imports could severely impact India's engineering goods' shipments, an engineering exports promotion body has said. These metals and their derivatives constitute nearly a quarter of the country's total engineering shipments to the US, the Engineering Export Promotion Council of India said. Currently, India exports around USD 5 billion worth of steel, aluminium and related products to the US annually. The existing 25 per cent tariff on steel imports, imposed by the US on March 18, 2025, has already created a tough market for Indian exporters, it said. While India's direct steel exports to the US remain limited, the tariffs have intensified global competition and disrupted trade flows. Live Events "If the US implements the 50 per cent tariff on steel, aluminium and their derivatives, exports of these critical items will become more expensive, likely leading to a decline in shipments," Chairman of EEPC India , Pankaj Chadha, said. He pointed out that the UK recently secured an exemption from the 25 per cent steel and aluminium tariffs through a trade deal with the US, and suggested that India should seek a similar waiver during the ongoing Bilateral Trade Agreement (BTA) negotiations. "This may not be the right time for such unilateral tariffs, especially when BTA talks are underway. It could complicate negotiations. The proposed hike could jeopardise engineering exports worth around USD 5 billion," Chadha said.
Time of India
2 days ago
- Business
- Time of India
Trump tariff hike threatens to impact $5 billion engineering goods exports: EEPC India
New Delhi: The proposed 50% tariff on all foreign steel and aluminium by US President Donald Trump could hurt India's engineering exports, as these metals and their derivatives account for nearly a quarter of the country's total engineering goods shipments to the US. The annual export of steel, aluminium and their derivatives to the US currently stand at around $5 billion. The 25% tariffs imposed by the US on steel imports (as per the proclamation order dated on 18th March 2025) have created a challenging environment for Indian steel exporters. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo Although India's direct steel exports to the US are relatively low, the tariffs have led to increased global competition and price pressures. The tariffs have also resulted in a shift in trade flows. 'In case the US goes ahead with its plan and impose a 50% tariff on steel, aluminium and their derivatives, exports of these key items will become costlier leading to a likely dip in shipments," said Pankaj Chadha, Chairman, EEPC India, in a statement. Live Events Chadha highlighted that the UK through its trade deal with the US recently got exemptions from 25% tariff on steel and aluminium and suggested that India should also ask for the same kind of waiver during the ongoing bilateral trade agreement (BTA) negotiations with the US. "This is perhaps not the opportune time to introduce such unilateral tariff especially when BTA negotiations are going on. It can make the work of the negotiators tricky. The proposed tariff increase by the Trump administration is likely to impact the engineering exports which are about $5 billion under this head," the EEPC India Chairman said.
