Steel cos Evaluating Tariff Impact

New Delhi: Domestic steel players are evaluating the possible impact of reciprocal tariffs imposed by the US administration, saying it is premature to comment on the development.

US President Donald Trump on Wednesday announced reciprocal tariffs on about 60 countries in a historic measure to counter higher duties imposed globally on American products.

For India, the US has announced 26 per cent reciprocal tariffs, contending New Delhi imposes high import duties on American goods, as the Trump administration aims to reduce the country's trade deficit and boost manufacturing.

However, automobiles and auto parts and steel and aluminium articles, already subject to Section 232 tariffs at 25 per cent, announced in March, are not covered in the latest order. When asked about Tata Steel's reaction, a company official told media, "We are evaluating the situation. It would be premature to comment". "The tariff has come just yesterday. We will study its impact".