The Hindu Business Line reported that US government will not remove the higher import duties imposed by the former president Mr Trump regime on Indian steel and aluminium products until the fundamental issue of excess capacity and the behaviors that gave rise to the problem are addressed. US Assistant Secretary of Commerce for Global Markets Mr Arun Venkataraman told media briefing in New Delhi “On the long-pending issue of resolving the additional import duties of 25% and 10% imposed by the Trump government on certain steel and aluminium products, respectively, from India and some other countries in 2018, US is committed to working with all its trading partners to address the problem at its source.” Mr Venkataraman said “The situation that gave rise to the duty is a global situation caused by very few players that have distorted the global market through non-market practices, and, as a result, have created a situation of global excess capacity. The Section 232 investigations in the US identified the global excess capacity and the consequences for how steel from other countries was being pushed into the US as a national security threat, posing an existential crisis for our steel and aluminium industry. The duties have been put in place to address those concerns and to ensure certain capacity utilization on the part of those industries.” Mr Venkataraman added “Without addressing the fundamental issue of excess capacity and the behaviors that gave rise to the problem, the US will be unable to move forward towards a system where steel and aluminium can be traded.”
The Hindu Business Line reported that US government will not remove the higher import duties imposed by the former president Mr Trump regime on Indian steel and aluminium products until the fundamental issue of excess capacity and the behaviors that gave rise to the problem are addressed. US Assistant Secretary of Commerce for Global Markets Mr Arun Venkataraman told media briefing in New Delhi “On the long-pending issue of resolving the additional import duties of 25% and 10% imposed by the Trump government on certain steel and aluminium products, respectively, from India and some other countries in 2018, US is committed to working with all its trading partners to address the problem at its source.” Mr Venkataraman said “The situation that gave rise to the duty is a global situation caused by very few players that have distorted the global market through non-market practices, and, as a result, have created a situation of global excess capacity. The Section 232 investigations in the US identified the global excess capacity and the consequences for how steel from other countries was being pushed into the US as a national security threat, posing an existential crisis for our steel and aluminium industry. The duties have been put in place to address those concerns and to ensure certain capacity utilization on the part of those industries.” Mr Venkataraman added “Without addressing the fundamental issue of excess capacity and the behaviors that gave rise to the problem, the US will be unable to move forward towards a system where steel and aluminium can be traded.”
