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On May 16, nearly all metal stocks traded in the green extending gains for the fifth session in a row, unnerved by fears that India risks becoming a dumping ground for Chinese products like steel and aluminium, as the US intensifies efforts to cut reliance on Beijing by increasing tariffs.
President Joe Biden on May 14 declared significant tariff increases on various Chinese imports, including steel, aluminium, electric vehicles, computer chips, solar panels, and medical products. According to the White House, the new measures affect $18 billion worth of Chinese goods.
Major metal stocks such as Tata Steel, Hindalco, Vedanta, and NMDC all edged higher by almost a percent. The only exception was JSW Steel slipping half a percent from the previous close. The Nifty Metal index also opened 0.5% higher at 9,418. GTRI or Global Trade Research Initiative, a private trade think tank, said that the proposed tariff increases exceed the US's bound duty commitments at the World Trade Organisation (WTO), potentially violating WTO provisions.
Soon after the development, reported citing top government sources that, India's existing "institutional mechanisms" are sufficient to tackle any potential dumping of goods from China following the United States' decision to increase tariffs on key imports. In FY24, China remained India's top source of imports, accounting for 15.1 percent of total inbound shipments, followed by Russia, provisional data from the Commerce Ministry showed.
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