Indian stainless steel industry expresses concern over proposed US tariffs
Delhi Delhi: The Indian stainless steel industry is facing a major challenge due to the threat of new tariffs under US President Donald Trump’s proposed trade policies.
If these tariffs are implemented, India’s stainless steel exports could suffer huge losses, leading to disruptions in global supply chains and increasing costs for both manufacturers and consumers, says the Indian Stainless Steel Development Association (ISSDA).
In a statement, the industry body expressed deep concern over the repercussions of these trade restrictions. ISSDA President Rajamani Krishnamurthy said the proposed tariffs are a “double blow” for the Indian stainless steel sector, as they will not only limit market access but also increase global competition.
“These tariffs are a double blow to India’s industry – severely limiting market access while also increasing global competition. Indian manufacturers have consistently supplied high-quality, durable and cost-effective stainless steel to the US. Imposition of further trade barriers will hamper growth, hinder job creation and strain bilateral trade relations between two major global economies,” he said.
He said, “As diplomatic and trade negotiations between India and the US continue, it is imperative that fair market access is prioritised to ensure a level playing field for all. Free and fair trade must remain at the forefront of these discussions to protect the sustainability and growth of the global stainless steel industry.”
ISSDA has urged policymakers from both countries to engage in constructive dialogue to ensure that Indian stainless steel manufacturers continue to contribute to the global economy without any unfair trade restrictions.
The association emphasised the need to uphold the principles of free and fair trade to protect the sustainability and progress of the stainless steel industry worldwide.
Abhyudaya Jindal, Managing Director, Jindal Stainless (JSL), highlighted the strong bilateral trade relationship between India and the US.
He said Indian exports are already subject to a 25 per cent tariff under Section 232, but a mechanism exists that allows importers to file for exclusion. Under the strategic trade agreement between India and the US, up to 70 per cent of these exclusion requests are expected to be favourably considered by the US government.
“Many companies, including ours, have long-standing relationships with US business partners, based on mutual trust, respect and shared goals. Our solutions are highly respected and recognised. We look forward to further strengthening these relationships in the years to come, developing mutually beneficial business opportunities and strengthening the ties between the two countries,” Jindal said.
