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‘U.S. move to raise import duty may hit domestic steel market’
Context:
According to Indian Steel Association (ISA), the proposal by the Trump administration to levy a steep tariff on steel imports would encourage steel-surplus nations to divert their exports India
Details:
- The association has said that U.S. move to club India, a steel non-mature country, with other steel surplus nations “is not appropriate.”
- He added that the U.S. proposal would dent the growth prospects of a developing nation like India, whose production and consumption were inward looking.
- Further, the proposal, if implemented, would result in major shifts in existing global trade flows of steel and steel products
- ISA also pointed out that there were a total of 16 trade remedies in place in the U.S. against Indian steel companies. This included 10 anti-dumping and six countervailing duties.
Additional Information:
Though India is the third largest producer of steel and produces 12% of the world’s non-Chinese production of steel, it has only a 2.7% share in the U.S. imports
