Trump’s administration tariff will have indirect effect on Indian exports
Tapan Kumar Chand, CMD, NALCO and Chairman of Aluminium Association of India told PTI that Indian aluminium industry will be not significantly affected by aluminium tariff. Since India already has a large export market in the ex-USA world so tariff will affect a small portion of its aluminium exports.
U.S. President Donald Trump last week signed proclamation that imposed 10 per cent tariff on imported aluminium l and 25 per cent on steel.
Vedanta Ltd said that the company exports around 5 per cent or 1, 00,000 tonnes of its aluminium volumes, to the US, hence the duties are not a game changer.
"Moreover, the market prices will adjust accordingly with higher premiums to reflect the higher cost of supply due to the 10 per cent duties," Vedanta Ltd Chief Sales & Marketing Officer (Global Aluminium Business) Jean-Baptiste Lucas told PTI.
"But, we obviously regret such unilateral decision in breach of WTO rules on a fast growing market, which will continue to be a large net importer of aluminium -- these additional costs will put an extra burden on our US customers that will ultimately make them uncompetitive," Lucas said.
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