India expects no immediate hit on steel exports after US import curbs: govt official

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India expects no immediate hit on steel exports after US import curbs: govt official

New Delhi: India does not expect any immediate impact from US President Donald Trump’s decision to impose curbs on steel imports, the steel ministry’s top bureaucrat said on Friday.

Trump announced on Thursday that he would impose hefty tariffs on imported steel and aluminium to protect US producers, risking retaliation from major trade partners like China, Europe and neighbouring Canada.

“We have only 2 per cent of our exports to US so no immediate dent, but validity of Section 232 is stretched to be used as tariff barrier,” India’s Steel Secretary Aruna Sharma told Reuters, referring to the US trade clause being invoked.

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The Trade Expansion Act of 1962, Section 232(b) gives the United States the ability to investigate whether certain imports, or high levels of certain imports, pose a threat to national security.

 

 

(Except for the headline, this story has not been edited by Daily Report and is published from a Deccan Chronicle)

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