Trump raises steel, aluminum tariffs to 50 % of 25 % but the UK transcends; How will India be affected

US President Donald Trump fell on Tuesday, which doubled steel and aluminum tariffs to 50 percent, earlier. However, the UK will be exempt from the tariff. Prime Minister Kiir Starmer, led by the UK, stated that the two countries agreed on the need to implement a tariff deal as soon as possible. The metal tariffs for all will increase from June 4.

Trump had announced an increase in steel and aluminum tariffs on Friday. “We will bring it from 25 percent to 50 percent, and tariffs for steel in the United States of America,” Trump said, adding that the sharp tariff will secure the steel industry. ”

Meanwhile, the decision to overcome the United Kingdom came after British Trade Minister Jonathan Reynolds and American Trade Representative Jameson Jarir met in Paris on Tuesday during a meeting of the Organization for Economic Cooperation and Development.

A UK spokesman said the country was the first to secure a trade deal with the United States and are still committed to the protection of British business and jobs across the main sectors. “We are pleased that as a result of our agreement with the United States, the United Kingdom will not be subject to these additional definitions. We will continue to work with the United States to implement our agreement, which will witness the removal of US tariffs of 25 percent on steel.”

Starmer Trump met on May 8 and agreed to reduce customs tariffs on imports of UK and steel to the United States, while Britain reduces definitions of beef and ethanol.

Impact on India

The engineering export promotion council in India said that the Trump tariff is 50 percent on steel and aluminum can strongly affect the shipments of engineering goods in India. India exports about $ 5 billion of steel, aluminum and relevant products to the United States annually.

EEPC India, Pankaj Chadha, said that the high customs tariff will make exports of these elements more expensive and may lead to a decrease in shipments. He suggested that, like the UK, India should also seek a similar concession during the BTA negotiations.

“This may not be the time for such definitions unilaterally, especially when the BTA talks take place. Negotiations may be held. The proposed height can expose engineering exports at about $ 5 billion.”

Meanwhile, Federation Minister HD Kumaraswamy said on Monday that the definitions would have a simple impact on India. “The simple effect will be there … there is a simple problem because we do not see you greatly. The only thing is, if the shipment, which is already on its way (to the United States of India), arrives after June 4, there are some problems where they have to pay 50 percent of the customs tariff.”