The Indian government’s retaliatory moves against imports from the US includes tinplate and cold rolled grain oriented (CRGO) steel products which will attract higher rates of customs duties, a government official said on Monday, June 25.
The Indian government has drawn up a list of products, imports of which from the US will include higher customs duty as retaliation of Section 232 tariffs on imports of steel and aluminum and these two steel products were included in the list, the official said.
Tinplate and CRGO steel attracted a flat rate of customs duties of 15 percent but shipment of these products from the US will attract higher duties of 26.5 percent and 20 percent respectively, the official added.
It might be pointed out that India is largely import dependent on CRGO steel shipping in an average of 250,000 mt per year with ThyssenKrupp being the sole domestic producer accounting for about 10,000 mt per year at its plant in Nashik, Maharasthra.
According to the official, India’s retaliatory tariffs on US imports will come into effect from August 4, with the Indian government keeping the effective date in abeyance to provide trade negotiations between the two countries a chance to resolve the issues.