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India anticipates small impact from US tariff increase.
Minister asserts Indian steel exports to the US are small.
Govt is watching developments for any trade impact.
In the wake of international responses to erstwhile US President Donald Trump's proposal to raise steel import tariffs by two-fold to 50% from June 4, India's steel ministry has played down the likely impact on Indian exports. According to the minister, India's exports of steel to the US are small in terms of volume and are unlikely to get substantially disrupted.
Based on government statistics, India exports less than 5% of its overall steel output to the US. The majority of Indian steel is sold to meet local demand or other major Asian, Middle Eastern, and European markets. The minister explained that the government is keeping a close eye on developments but does not see any significant impact on Indian mills.
Industry leaders, however, suggested keeping a close watch, with greater US tariffs having a possible indirect impact on steel prices and trade flows globally. Any diversion of global steel to other markets could heighten competition in other markets, impacting Indian exporters.
The government again expressed its willingness to engage diplomatically with the US if needed and assist Indian exporters to weather any near-term issues that could happen as a result of changing trade dynamics.
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