India’s steel export to US declines by 35 per cent: Piyush Goyal
India’s total steel export to the US has declined by 35 per cent during the financial year 2018-19 after Washington imposed additional tariff of 25 per cent and 10 percent on steel and aluminium respectively on a global basis, the Rajya Sabha was informed on Friday.
Industry and Commerce Minister Piyush Goyal, in a written reply, however, said that the export of aluminium has increased by 14 per cent. The US last year in March had signed a proclamation that sets the tariff on imports of steel at 25 per cent and on the aluminium at 10 per cent.
However, he exempted allies, Canada and Mexico from the measure, and said the allies had “security relationship” with the US could propose exemptions, before the new tariffs come into force. The move, which garnered a lot of criticism from China and Europe. In retaliation, India threatened the US to suspend concessions on 30 products originating from the United States.
On June 5, a proclamation issued by President Donald Trump stated that the US is slated to revoke India’s status as a beneficiary developing country for purposes of the Generalised System of Preferences (GSP). Washington also announced that it has decided to remove India from its list of “developing country WTO Members” who are exempted from the application of safeguard measures on CSPV products and large residential washers.
Recently, India announced an increase in tariffs on more than 20 types of goods including almonds, apples, and walnuts, took effect on June 16, said India’s commerce ministry. This move came as retaliation to Washington’s move to impose higher duties on Indian steel and aluminium exports.