U.S. tariffs won’t impact Indian steel industry much: Steel Secretary
The Hindu
President Trump announces 25% tariff on steel and aluminium imports, minimal impact on Indian steel industry.
The U.S. announcement to impose tariffs on steel imports will not have much impact on the Indian industry as the domestic market is strong and a small quantity is exported to America, Steel Secretary Sandeep Poundrik said on Monday (February 10, 2025).
Also read: Trump to announce 25% steel and aluminum tariffs
President Donald Trump said he will announce an additional 25% tariff on all steel and aluminium imports from different countries on Monday (February 10, 2025).
"...The U.S. President has said about putting tariffs on steel. How much steel actually we export to the U.S.? We produced 145 million tonnes of steel last year, of which 95,000 tonnes was exported to the U.S. So, how does it matter if out of 145 million tonnes, you are not able to export 95,000 tonnes," the official said at an event organised by Bengal Chamber of Commerce and Industry (BCC&I).
Addressing the ‘Minerals Mining & Metals Conclave’, he said India’s domestic market itself is so strong with growing consumption that the steel industry will find it difficult to cater to that in the coming years.
However, in 2018, when the U.S. imposed taxes on steel and aluminium, India retaliated by raising tariffs on 29 U.S. products, recovering equivalent revenue.
Further, on exports, Mr. Poundrik said it will become a problem as more countries put safeguards and restrictions.
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President Trump announces 25% tariff on steel and aluminium imports, minimal impact on Indian steel industry.