Higher steel tariffs to dent exports as companies look at other markets
[ad_1] Representative image (Picture credit: AP) NEW DELHI: Doubling of import duty on steel and aluminium by the Trump administration will dent export demand, with companies having to scout for alternative markets.Several US importers have gone slow on fresh orders as costs went up significantly after the imposition of 25 per cent duty, although India was not seen to be worse off, given that the same duty applies to all countries. But if Trump decides to move ahead with his threat, several American firms will have to slow down production as such duties are seen to be unviable and unsustainable. This will also reduce demand for inputs."The economic impact will be significant. US steel prices are already high, at around $984 per metric tonne - far above European prices at $690 and Chinese prices at $392. The doubling of tariffs […]