Trump's Tariff Hike Sparks Indian Export Concerns
US President Donald Trump's decision to double tariffs on imported steel and aluminium affects Indian exporters' profitability. The tariffs, under the US Trade Expansion Act of 1962, pose a direct threat to Indian exports valued at USD 4.56 billion. India may retaliate by imposing tariffs on US goods.
- Country:
- India
US President Donald Trump has announced a significant tariff increase on imported steel and aluminium, a move expected to affect Indian exporters significantly.
Starting June 4, the existing tariffs of 25 per cent on steel and aluminium imports will double, under the authority of the US Trade Expansion Act of 1962, a law designed to protect national security.
India exported USD 4.56 billion worth of relevant products to the US last year, and this tariff hike threatens the profitability of these sectors. The Global Trade Research Initiative (GTRI) suggests India might retaliate by increasing tariffs on specific US exports.
(With inputs from agencies.)
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