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India Today
04-06-2025
- Business
- India Today
Trump doubles metal tariffs to 50% but skips UK. What it means for India
US President Donald Trump has announced an increase in tariffs on imported steel and aluminium, raising them from 25% to 50%. This change, effective from June 4, is primarily aimed at protecting US steelmakers and the domestic manufacturing decision imposes potential challenges for trade partners, but excludes the United Kingdom from the tariff hike due to an existing trade UK's exemption follows discussions between British Trade Minister Jonathan Reynolds and US Trade Representative Jamieson Greer, resulting in an agreement to implement a tariff deal promptly. UK Prime Minister Keir Starmer and Trump further agreed to reduce tariffs on UK imports of cars and steel, while the UK would lower its own tariffs on beef and ethanol. 'We're pleased that as a result of our agreement with the US, UK steel will not be subject to these additional tariffs,' said a UK contrast, India, which exports approximately $5 billion worth of steel, aluminium, and related goods to the US annually, is expected to face Engineering Export Promotion Council of India has expressed concern over the tariff increase, cautioning that this could make Indian exports more expensive, potentially leading to a decrease in may not be the right time for such unilateral tariffs, especially when BTA talks are underway,' stated Pankaj Chadha, Chairman of EEPC India. He said that the proposed hike could jeopardise engineering exports, urging India to seek a similar waiver as the UK during ongoing bilateral trade agreement justified the tariff increase by asserting it would 'further secure the steel industry' in the US, suggesting that at 50%, foreign competitors would find it challenging to India is not a major exporter to the US, Union Minister HD Kumaraswamy acknowledged some effects, and said, 'Minor impact will be there...A minor problem is there because we are not exporting in a big way.'Kumaraswamy highlighted that consignments already en route to the US, arriving post June 4, may incur the new 50% tariff, potentially causing InMust Watch
The Print
02-06-2025
- Business
- The Print
Trump's proposed 50pc tariff hike May hit USD 5 billion engineering exports: EEPC India
Currently, India exports around USD 5 billion worth of steel, aluminium and related products to the US annually. These metals and their derivatives constitute nearly a quarter of the country's total engineering shipments to the US, the Engineering Export Promotion Council of India said. Kolkata, Jun 2 (PTI) US President Donald Trump's proposed 50 per cent tariff on steel and aluminium imports could severely impact India's engineering goods' shipments, an engineering exports promotion body has said. The existing 25 per cent tariff on steel imports, imposed by the US on March 18, 2025, has already created a tough market for Indian exporters, it said. While India's direct steel exports to the US remain limited, the tariffs have intensified global competition and disrupted trade flows. 'If the US implements the 50 per cent tariff on steel, aluminium and their derivatives, exports of these critical items will become more expensive, likely leading to a decline in shipments,' Chairman of EEPC India, Pankaj Chadha, said. He pointed out that the UK recently secured an exemption from the 25 per cent steel and aluminium tariffs through a trade deal with the US, and suggested that India should seek a similar waiver during the ongoing Bilateral Trade Agreement (BTA) negotiations. 'This may not be the right time for such unilateral tariffs, especially when BTA talks are underway. It could complicate negotiations. The proposed hike could jeopardise engineering exports worth around USD 5 billion,' Chadha said. PTI BSM RBT This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
India Gazette
02-06-2025
- Business
- India Gazette
Trump's 50% tariff on Steel & Aluminium could hurt India's engineering goods exports: EEPC India
ANI 02 Jun 2025, 14:43 GMT+10 New Delhi [India], June 2 (ANI): India's engineering exports are likely to face headwinds on the imposition of a 50 per cent tariff on all foreign steel and aluminium by US President Donald Trump, Engineering Export Promotion Council of India (EEPC) said in a release on Monday. President Trump announced a 50 per cent duty on imports to the US for steel and aluminium from June 4, 2025. Both steel and aluminium and their derivatives account for nearly a quarter of the country's total engineering goods shipments to the US, EEPC said in a release. 'The annual export of steel, aluminium and their derivatives to the US currently stands at around USD 5 billion,' it further the 25 per cent tariffs imposed by the US on steel imports, also created significant challenges for Indian steel exporters, the council said. 'In case the US goes ahead with its plan and imposes a 50 per cent tariff on steel, aluminium and their derivatives, exports of these key items will become costlier, leading to a likely dip in shipments,' said Pankaj Chadha, Chairman, EEPC tariff had resulted in shift in trade flows. However, from India's perspective, India's direct steel exports to the US are relatively low, the tariffs have led to increased global competition and price the UK through its trade deal with the US recently got exemptions from 25 per cent tariff on steel and aluminium and EEPC further suggests that India should for the same kind of waiver during the ongoing bilateral trade agreement (BTA) negotiations with the Pankaj Chadha reflects that, 'this is perhaps not the opportune time to introduce such unilateral tariff especially when BTA negotiations are going on. It can make the work of the negotiators tricky. The proposed tariff increase by the Trump administration is likely to impact the engineering exports which are about USD 5 billion under this head.' (ANI)
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Business Standard
02-06-2025
- Business
- Business Standard
Trump's proposed 50% tariff hike may hit $5 bn engineering exports: EEPC
US President Donald Trump's proposed 50 per cent tariff on steel and aluminium imports could severely impact India's engineering goods' shipments, an engineering exports promotion body has said. These metals and their derivatives constitute nearly a quarter of the country's total engineering shipments to the US, the Engineering Export Promotion Council of India said. Currently, India exports around $5 billion worth of steel, aluminium and related products to the US annually. The existing 25 per cent tariff on steel imports, imposed by the US on March 18, 2025, has already created a tough market for Indian exporters, it said. While India's direct steel exports to the US remain limited, the tariffs have intensified global competition and disrupted trade flows. If the US implements the 50 per cent tariff on steel, aluminium and their derivatives, exports of these critical items will become more expensive, likely leading to a decline in shipments," Chairman of EEPC India, Pankaj Chadha, said. He pointed out that the UK recently secured an exemption from the 25 per cent steel and aluminium tariffs through a trade deal with the US, and suggested that India should seek a similar waiver during the ongoing Bilateral Trade Agreement (BTA) negotiations. This may not be the right time for such unilateral tariffs, especially when BTA talks are underway. It could complicate negotiations. The proposed hike could jeopardise engineering exports worth around $5 billion, Chadha said.
Time of India
02-06-2025
- Business
- Time of India
Trump's 50% steel, aluminium tariffs seen as ‘minor impact' for India: Steel minister HD Kumaraswamy
Representative image India foresees a "minor impact" from the United States President Donald Trump's proposed elevation of tariffs on steel and aluminium products, according to the federal steel minister's statement on Monday, citing limited export volumes to Washington. Following Trump's announcement last week regarding his intention to raise tariffs on imported steel and aluminium from 25% to 50%, stock markets witnessed declining values for steelmakers in South Korea and Vietnam, both significant Asian exporters to the United States. The United States imports approximately one-fourth of its steel requirements, primarily from neighbouring Mexico and Canada, along with strategic allies in Asia and Europe, including Japan, South Korea and Germany, whilst India maintains a relatively lower position in this hierarchy. "Minor impact will be there... We are not exporting (to the US) in a big way," said steel minister HD Kumaraswamy during a press briefing in New Delhi. Nevertheless, Fitch ratings agency indicated in March that Indian steel producers and prices could face challenges if nations with higher US export exposure redirect their shipments to India, seeking more accommodating markets for the metal. Additionally, industry experts have hinted at significant impact on Indian exports. Engineering exports are expected to encounter major hurdles after Trump announced a 50 per cent duty on imported steel and aluminium from overseas, according to the Engineering Export Promotion Council of India (EEPC). The US market for Indian engineering exports comprises 25 per cent of steel and aluminium products. The EEPC said, "The annual export of steel, aluminium and their derivatives to the US currently stands at around USD 5 billion." The organisation highlighted that Indian exporters had already experienced substantial difficulties due to the previously imposed 25 per cent tariff on steel imports. The Aluminium Association of India (AAI) also expressed apprehension regarding the US' decision, cautioning that a twofold increase in aluminium import duties would adversely affect Indian producers who are currently facing challenges from inexpensive imports. Read more: Trump's 50 per cent tariff on steel and aluminium imports threatens India's $5 billion export sector, says experts Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
