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Industry experts and market analysts say that India now has the chance to increase its exports of steel, aluminium, and medical supplies like gloves, syringes and needles, PPE, and facemasks to the US market, following US President Joe Biden's announcement of a sharp increase in tariffs on $18 billion worth of Chinese goods.
India's opportunity arises from strengthening bilateral economic connections between the two countries. India and the US committed to resolving all bilateral trade disputes that were still pending at the World Trade Organisation during Indian Prime Minister Narendra Modi's state visit to the US in June 2023.
Following this, the US agreed to withdraw the 25% and 10% import duties on certain steel and aluminium products respectively, that had been earlier imposed "on grounds of national security".
"The US move to ramp up duties on Chinese goods allows India and other competitors to chip in the supply gap. Of the products affected by additional duties on China, India has opportunities in facemasks, PPE, syringes & needles, medical gloves, aluminium and iron & steel," said Federation of Indian Export Organisations (FIEO) President Ashwani Kumar.
After the trade disputes were settled in one go following PM Modi's talks in Washington, the US subsequently agreed to allow the import of 3,36,000 tonnes of steel and aluminium from India with the waiver of additional duties that were imposed under a national security law by the erstwhile Donald Trump administration in 2018.
"Now, with a greater opportunity arising following the hike in the tariff on Chinese goods, the exports of Indian steel and aluminium products are expected to accelerate," said a senior SAIL official who did not want to be named. However, at the same time, there are concerns in the steel sector that China, which has excess capacity, may resort to dumping its steel output in other markets, including India.
"China is sitting on overcapacity in many sectors, and thus the threat of dumping, in any case, not ruled out and more so when an important market is closed for their exports. However, I am sure industry and the government will be keeping a close watch on imports, and if surge or dumping happens, DGTR will take appropriate action to safeguard our industry," said FIEO chief Ashwani Kumar.
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