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Informist, Monday, Mar. 17, 2025

 

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--Trade secy: Still assessing impact of US' 25% tariff on steel, aluminium 
--Trade secy: Proactively engaging with US for trade pact 
--Trade secy: Minister Goyal had fruitful trade talks with US during his visit 
--Trade secy: To soon hold talks with US to raise trade to $500 bln by 2030 
--Govt: Safeguard duty on steel still under consideration 

 

NEW DELHI – The government is still in the process of assessing the impact of the US' 25% tariff on Indian steel and aluminium sector, Trade Secretary Sunil Barthwal said. Last week, Washington effected a flat 25% tariff on all steel and aluminium imported into the US. 

 

"We are weighing both, the opportunities as well as risks," Barthwal said on Monday while briefing media on the trade data for February. "Suppose, certain tariiffs are imposed on certain countries then there may be certain opportunities."

 

Domestic steel and aluminium industries have flagged risks to India's exports growth from US' 25% tariff on the metals. Iron and steel and aluminium exports to the US accounted for 7.4% of the total outbound shipment of the metals of $19.40 billion in 2023-24 (Apr-Mar).

 

US tariff on the metals come at a time when some Indian steel companies reported a hit to the domestic market on account of cheap imports and have requested for a safeguard duty. The proposal is still under consideration, Director General of Trade Remedy Darpan Jain, who was also present at the briefing, said. 

 

India would also soon hold discussions with the US on steps that may help the two nations in increasing the bilateral trade to $500 billion, Barthwal said. Prime Minister Narendra Modi, after meeting with the US President Donald Trump last month, had set the target to take the bilateral trade to $500 billion by 2030. The two leaders have also agreed to negotiate a multi-sectoral bilateral trade agreement, with an aim to conclude the first tranche of the deal by fall season.

 

"We are proactively engaged with the US," Barthwal said, adding that the discussions  have been positive so far, and Commerce and Industry Minister Piyush Goyal's meeting with US government officials during his recent trip to Washington were fruitful. 

 

Earlier this month Goyal visited the US and met Trade Representative Jamieson Greer and US Commerce Secretary Howard Lutnick. "Had a forward looking discussion with United States Trade Representative Jamieson Greer on a mutually beneficial Bilateral Trade Agreement," Goyal said in a post on X on Friday. "Our approach will be guided by ‘India First', ‘Viksit Bharat' and our Comprehensive Strategic Partnership."

 

India, through the trade pact, aims to safeguard its exports from US' proposed reciprocal tariffs. President Donald Trump has announced that Washington would impose from Apr. 2 reciprocal tariffs on India and several other countries, based on the duty levied by them on American goods. 

 

New Delhi has been focussing on improving its trade relations with Washington after President Trump's Republican Party won the US election. Trump has expressed displeasure over India's trade policies at several instances in the last five months. In his latest remark, Trump had said that New Delhi was willing to cut tariffs massively after his government "exposed" India.

 

The US is India's top export destination, with its share in the country's total merchandise exports at about 17%. In FY24, India exported goods worth $77.52 billion to the US and had a trade surplus of $35.32 billion.  End

 

Reported by Krity Ambey

Edited by Akul Nishant Akhoury

 

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