The U.S. announcement to impose tariffs on metal imports won’t have a lot impression on the Indian trade because the home market is powerful and a small amount is exported to America, Metal Secretary Sandeep Poundrik mentioned on Monday (February 10, 2025).
Additionally learn: Trump to announce 25% metal and aluminum tariffs
President Donald Trump mentioned he’ll announce an extra 25% tariff on all metal and aluminium imports from completely different international locations on Monday.
“…the U.S. President has mentioned about placing tariffs on metal. How a lot metal truly we export to the U.S.? We produced 145 million tonnes of metal final 12 months, of which 95,000 tonnes was exported to the U.S. So, how does it matter if out of 145 million tonnes, you aren’t capable of export 95,000 tonnes,” the official mentioned at an occasion organised by Bengal Chamber of Commerce and Trade (BCC&I).
Addressing the ‘Minerals Mining & Metals Conclave’, he mentioned India’s home market itself is so sturdy with rising consumption that the metal trade will discover it troublesome to cater to that within the coming years.
Nevertheless, in 2018, when the U.S. imposed taxes on metal and aluminium, India retaliated by elevating tariffs on 29 U.S. merchandise, recovering equal income.
Additional, on exports, Mr. Poundrik mentioned it is going to grow to be an issue as extra international locations put safeguards and restrictions.
As per official knowledge, India’s exports have shrunk 28.9% to three.99 million tonnes throughout the April-January interval of FY25, in comparison with 5.61 million tonnes within the corresponding interval of the previous fiscal.
The nation remained a internet importer of metal with the inbound shipments rising over 20% to eight.29 million tonnes throughout the April-January interval of the present fiscal.
Printed – February 10, 2025 06:02 pm IST
