Indian manufacturers have said that the latest tariff is expected to slash steel exports to the US by 85%, creating a massive surplus that will likely flood India—one of the few major markets without trade restrictions presently.
In a statement issued on Monday, Naveen Jindal, president of the Indian Steel Association, with the US shutting its doors to global steel, the surplus will inevitably be redirected to India, threatening our domestic industry with market distortions, price crashes, and unfair competition.
A representative of a domestic steel manufacturer told this newspaper that Indian government must bring in more restrictions to curb dumping of cheap steel in India. He even advocated for the end of free trade agreements with countries like Japan and South Korea, who could possibly flood Indian market with cheaper steel.
India exports over $3 billion worth of iron, steel, and other steel products to the US and around $1 billion worth of aluminium. Though India is not one of the top 10 steel exporters to the US, it is a major exporter of aluminium.
Govt must take measures to curb dumping of steel
A representative of a domestic steel manufacturer told this newspaper that Indian government must bring in more restrictions to curb dumping of cheap steel in India. He even advocated for the end of free trade agreements with countries like Japan and South Korea