Tariff Turmoil: Trump's Steel and Aluminium Duty Shockwave
A proposed 50% tariff on steel and aluminium imports by US President Donald Trump could significantly affect India's engineering goods exports. The Engineering Export Promotion Council of India stated this tariff would make exports costly, potentially reducing USD 5 billion worth of shipments to the US annually.
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The engineering export sector in India may face a severe blow if US President Donald Trump's proposed 50% tariff on steel and aluminium imports is implemented. According to the Engineering Export Promotion Council of India (EEPC), these metals form a crucial part of India's annual USD 5 billion exports to the US.
The current 25% tariff, in effect since March 18, 2025, has already challenged Indian exporters. While direct steel exports to the US are limited, the increased tariffs have led to heightened global competition and disrupted trade flows.
Pankaj Chadha, Chairman of EEPC, emphasized the importance of securing a trade deal similar to the UK's, which recently obtained an exemption. He warned that the proposed tariff hike could negatively impact ongoing Bilateral Trade Agreement negotiations and jeopardize engineering exports.
(With inputs from agencies.)
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