Last Updated:June 02, 2025, 17:03 IST
‘Minor impact will be there… We are not exporting (to the US) in a big way,’ says steel minister H D Kumaraswamy.
India’s steel exports to the US are very less.
Steel and Heavy Industries Minister H D Kumaraswamy on Monday said India is likely to see only a “minor impact” from US President Donald Trump’s plan to hike tariffs on steel and aluminium products, as the country exports low volumes to Washington. Last week, Trump said he intended to double tariffs on imported steel and aluminium from 25% to 50%.
“Minor impact will be there… We are not exporting (to the US) in a big way,” steel minister H D Kumaraswamy told reporters at a press briefing in New Delhi, as reported by Reuters.
Roughly a quarter of all steel used in the US is imported, the bulk of it from neighbours Mexico and Canada or close allies in Asia and Europe such as Japan, South Korea and Germany. India’s steel exports to the US are much lesser.
However, ratings agency Fitch said in March that Indian steelmakers and steel prices could be hit if countries with higher exposure to the US redirect their shipments to New Delhi in search of more lenient markets for the alloy.
Industry Urges Govt To Take Steps To Protect Local Producers
Though the ministers says the impact would be minor, the industry urging the government to take measures to protect the local producers.
Jayant Acharya, joint MD and CEO of JSW Steel, told news agency PTI that India faces a heightened risk of trade diversion amid shifting global tariffs, especially due to its strong domestic demand. He further highlighted the need to implement necessary trade measures proactively and in time.
Ranjan Dhar, director and vice-president of AMNS India, also said there is need to be watchful on imports and said he hoped that “protection will come for domestic industry”.
Every country is protecting their industry. India should also do that as long as India focuses on protecting its industry from low price imports, he said.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso… Read More
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