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Steel, aluminum tariffs by US to impact India's engineering exports: EEPC

Press Trust of India  |  Chennai 

The United States' move to impose tariffs on certain and imports is likely to impact India's shipments of engineering items to America, exporters' body EEPC said today.

Engineering Promotion Council (EEPC) said protectionist measures taken by countries like the US would provoke other regions such as and into taking retaliatory steps, which would further dent exports from

India's exports of items to the US are estimated at about USD 500 million per year. The country's share in imports in the US is 1.28 per cent, while in it is 1.12 per cent.

"Certainly the move by the US would impact India's engineering exports, maybe not directly but indirectly. The price movement of products would become volatile now," Sehgal told

It looks like the world is going back to the era of Cold War, raising barriers and protectionist steps, he added.

US has imposed heavy tariffs on and which he said were necessary to boost the American industry suffering from "unfair" business practices. The move has sparked fears of a global war.

Trump signed two proclamations that levied a 25 per cent on steel and 10 per cent on aluminium imported from all countries except and The contentious tariffs will come into effect in 15 days.

The tariffs are likely to face retaliation from America's top trading partners, especially the and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 14:40 IST