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The Indian stainless steel industry is facing a significant challenge with the looming threat of renewed tariffs under US President Donald Trump's proposed trade policies
If these tariffs are enforced, India's stainless steel exports could suffer substantial setbacks, leading to disruptions in global supply chains and increased costs for manufacturers and consumers alike says Indian Stainless Steel Development Association (ISSDA). In a statement, the industry body expressed deep concerns over the repercussions of these trade restrictions. ISSDA President Rajamani Krishnamurti, says the proposed tariffs pose a "dual blow" to the Indian stainless steel sector by not only limiting market access but also intensifying global competition. He said, "These tariffs represent a dual blow to India's industry - severely limiting market access while escalating global competition. Indian manufacturers have consistently supplied the US with high-quality, sustainable, and cost-effective stainless steel. The imposition of further trade barriers would stifle growth, hamper job creation, and strain bilateral trade relations between two key global economies." He added "As diplomatic and trade negotiations between India and the US unfold, it is imperative that fair market access is prioritized, ensuring a level playing field for all. Free and fair trade must remain at the forefront of these discussions to safeguard the stability and growth of the global stainless steel industry,". ISSDA has urged policymakers in both nations to engage in constructive dialogue to ensure that Indian stainless steel manufacturers continue contributing to the global economy without unjust trade restrictions. The association emphasized the need to uphold the principles of free and fair trade to safeguard the stability and progress of the stainless steel industry worldwide. Abhyuday Jindal, Managing Director of Jindal Stainless (JSL), highlighted the strong bilateral trade ties between India and the US. He noted that Indian exports are already subjected to a 25 per cent tariff under Section 232, but a mechanism exists that allows importers to file for exclusions. Under the strategic trade agreement between India and the US, up to 70 per cent of these exclusion requests are expected to be considered favourably by the US government. Jindal said, "Many companies, including ours, share long-standing relationships with American business partners, built on mutual, trust, respect, and shared goals. Our solutions are met with immense respect and recognition. We look forward to further strengthening these ties in the years ahead, cultivating mutually beneficial business opportunities and strengthening ties between the two nations." He added, "The US remains a cornerstone of our global customer base, and we are committed to delivering world-class solutions to this critical market. However, it is imperative that the trade environment remains conducive to growth, enabling businesses like ours to continue contributing to the economic prosperity of both countries." (ANI)
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