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US’s Tariffs on Steel Imports
Context
U.S. President Donald Trump raised tariffs on steel and aluminum imports to 25%. The new tariffs apply to steel and aluminum from all countries without any exceptions or exemptions, including major suppliers like Canada, Brazil, Mexico, and South Korea, who had previously benefitted from exemptions.
Key Details
- New Tariff Rates: Steel and aluminum tariffs increase to 25%, affecting millions of tons of imports. This move simplifies the tariff system, applying uniformly to all countries.
- Impact on U.S. and Global Markets:S. steel imports make up 23% of its consumption. The new tariffs aim to combat foreign dumping of steel and revitalize domestic industries. However, it may lead to higher costs for U.S. industries relying on foreign metals.
- Domestic Industry Protection: The tariffs are meant to protect U.S. industries, particularly in national security sectors like defense and shipbuilding, which have seen declines in production. The goal is to boost domestic steel and aluminum output.
How will India be impacted?
- The Indian steel industry is already grappling with sluggish global demand and an influx of cheaper steel imports, particularly from China.
- With the latest tariff hike, domestic steel manufacturers now face additional pressure, further exacerbating their financial struggles.
Fact Box:India’s Steel Sector
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PYQQ1. Account for the present location of iron and steel industries away from the source of raw material, by giving examples. (2020) Q2. Account for the change in the spatial pattern of the Iron and Steel industry in the world. (2014) Q. Which of the following are some important pollutants released by steel industry in India? (2014)
Select the correct answer using the code given below:
Solution: (d) |
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