‘U.S. move to raise import duty may hit domestic steel market’

‘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