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Steel Tariffs to Double: Trump
Financial Express Lucknow
|June 01, 2025
THE DOUBLING OF steel and aluminum levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals.
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Think tank Global Trade Research Initiative (GTRI) said on Saturday the announcement to double tariffs on imported steel and aluminum will impact Indian exporters, as it would hurt their profitability. For India, the consequences are direct, GTRI said.
In 2024-25, India exported $4.56 billion worth of iron, steel, and aluminum products to the US, with key categories, including $587.5 million in iron and steel, $3.1 billion in articles of iron or steel, and $860 million in aluminum and related articles.
"These exports are now exposed to sharply higher US tariffs, threatening the profitability of Indian producers and exporters," GTRI founder Ajay Srivastava said.
This story is from the June 01, 2025 edition of Financial Express Lucknow.
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