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35% Decline in India’s steel exports to US

Commerce & Industry Minister Shri Piyush Goyal, informed the Rajya Sabha that there has been a 35% drop in India’s steel exports to the US during FY 2018-19. This can be attributed to US imposition of additional tariff of 25% and 10% on steel and aluminium respectively across the globe (except Mexico & Canada, owing to its security ties).

Interestingly, however, there was a 14% increase in the aluminium exported by India to the US. Of late, Washington & New Delhi have levied a string of tit-for-tat tariff measures. For instance, US has revoked India’s status as a beneficiary of the Generalized System of Preferences. India has hiked tariffs on more than 29 products imported from US.