The Minister of State for Steel Vishnu Deo Sai has said that India’s ambition to become a top steel exporter will not be disrupted by the US president’s recent move to impose 25 percent tariff on steel imports, as it depends on a number of factors which includes demand in the foreign markets, its competitiveness and domestic demand.
The minister has indicated that the exports to the US constitute only about 2.6 percent of the country’s total exports of steel. He noted that the exports of total finished steel from India have increased by 84 percent to 10.87 million tonnes (MT) in the January-December 2017 from 5.90 MT the corresponding period of last year.
US President Donald Trump had imposed high tariffs on steel and aluminium imports and defended his step by saying that it was necessary to boost the US industry hit by 'unfair' business practices, a move that has ignited fears of a global trade war. The US decided to levy import tariffs of 25 percent on foreign-made steel and 10 percent on aluminum.