India’s steel industry is expected to remain largely unaffected by the latest US tariffs on steel and aluminium, Steel Secretary Sandeep Poundrik reaffirmed on Wednesday.
Speaking at an event in New Delhi, Poundrik downplayed concerns, noting that India exports less than 100,000 metric tons of steel to the US – a relatively small volume compared to the country’s total production of around 145 million tonnes last year.
“The US tariffs won’t have much impact on India’s steel industry as our domestic market is strong, and only a small quantity is exported to the US,” Poundrik had said at a public event last month. “If out of 145 million tonnes, we are unable to export 95,000 tonnes, it doesn’t really matter.”
The statement comes as US President Donald Trump’s latest tariff hike took effect, increasing duties on all steel and aluminium imports to 25 per cent, up from the previous 10 per cent on aluminium. This move is part of Trump’s broader effort to reshape global trade in favour of American manufacturing, aiming to pressure foreign companies to invest in the US.
India, the world’s second-largest primary aluminium producer, exported 200,000 metric tons of aluminium to the US in the year ending March 2024, valued at Rs 78.3 billion ($894.4 million).
EU retaliates with counter tariffs
While India claims that it will remain largely unaffected, other major economies are retaliating against the US tariffs.
Trump tariffs take effect with no exemptions
Trump has removed all exemptions from the 2018 tariffs, extending them to Canada, Mexico, China, the EU, Brazil, and South Korea, with additional tariffs set to take effect on April 2. These new measures aim to target policies that the Trump administration sees as trade barriers.
