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EEPC India foresees export blow from US tariff increase.
Export of engineering goods to US can be slowed down.
India will pursue diplomatic negotiations to minimize impact.
Engineering Export Promotion Council (EEPC) India has expressed apprehension regarding the possible ramifications of former US President Donald Trump's latest announcement to levy a 50% duty on steel and aluminium imports from June 4. According to the council, this action may have a disastrous effect on India's exports of engineering goods, which depend significantly on competitively priced raw materials such as steel and aluminium.
Engineering products rank among India's leading export categories to the US, generating more than $15 billion every year. The rise in tariffs would raise input costs for producers, dampening price competitiveness in the US market and decelerating American buyers' order flows.
EEPC India has asked the Indian government to open prompt diplomatic talks with the US administration to ascertain product-specific exclusions or new tariff rates in respect of some categories. The council also recommended search for alternative markets and providing financial assistance to concerned exporters.
Experts from the industry predict that although India can divert some of the exports towards Europe and Southeast Asia, the brief interruption in US-bound shipments can puncture the industry's momentum at a period when global demand is unstable.
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