India's Ministry of Steel has stated that it will "wait and watch" the impact of the US's 25 percent tariff on steel and steel products before devising any counter-strategy. H.D. Kumaraswamy, the Minister for Steel and Heavy Industries, made this statement on March 5, noting that there is no clear understanding yet of the specifics of the tariffs, and India’s response will be formulated once the details are known.
Domestic steelmakers and experts have raised concerns that this US trade barrier could lead to an influx of steel dumping into India, as India remains one of the few major markets with minimal trade restrictions on steel.
However, Sandeep Poundrik, Secretary of the Ministry of Steel, previously stated that the tariff is unlikely to significantly affect India, given the country's strong domestic steel demand and the fact that only a small portion of Indian-made steel is exported to the US.
Naveen Jindal, president of the Indian Steel Association (ISA) and chairman of Jindal Steel and Power Limited (JSPL), expressed serious concern over the US decision. He warned that the tariff could result in an 85 percent reduction in steel exports to the US, creating a massive surplus that would likely flood India, one of the few major markets still without trade restrictions.
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