‘Nail in a coffin’: Trump’s steel, aluminum tariffs bleed Indian foundries
Summary
The U.S. tariffs on steel and aluminum, initially set by former President Trump, have created challenges for Indian exporters. Aditya Garodia from the Corona Steel Industry reports that these tariffs have caused order cancellations and payment delays, affecting business operations.Key Facts
- Aditya Garodia exports over 100 steel-related items from his factory in West Bengal, India.
- The U.S. imposed a 25% tariff on steel and aluminum starting in 2018, which later doubled to 50%.
- About 30% of Garodia's orders were canceled due to increased tariffs.
- India's exports of iron, steel, and aluminum products to the U.S. were valued at $4.56 billion last year.
- The U.S. increased tariffs on derivatives (finished products) by 25% from February 10, 2025.
- The total value of U.S. steel imports rose from $98.6 billion in 2018 to $114 billion in 2024.
- Indian foundries, which produce and shape metal, face a 26% tariff on goods exported to the U.S.
- India has about 5,000 foundries, with a significant portion exporting globally, including $1.2 billion to the U.S.
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