Examining impact of US tariff on steel, aluminium: Govt tells Lok Sabha

The government is examining the impact of 25 per cent tariff imposed by the US on steel and aluminium imports, Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha on Monday.

As per Proclamations issued by the president of the US dated February 10, 2025, the US government has imposed the import duty with effect from March 12, 2025, he said in a written reply.

No proclamation has been issued on pharma, automobile and semiconductor sectors so far, he said.

"As informed by Department of Commerce, the impact of the above proclamations on India is being carefully examined and evaluated," he said.

Replying to another question, Chaudhary said out of 40 recommendations, India received 'Compliant' or 'Largely Compliant' rating in 37 recommendations by global money laundering and terrorist financing watchdog Financial Action Task Force (FATF).

It received Partially Compliant rating in 3 recommendations and none was rated as Non-compliant, he said.

"Consequently, India was placed in regular follow up', which is the best possible rating by any country being assessed under FATF methodology. There are only three other G20 countries in FATF which have received this rating. This reflects India's strong position in Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) regime among the leading global economies," he said.