Overview

• President Trump announced that tariffs on steel and aluminium imports will rise from 25 percent to 50 percent beginning June 4 under Section 232 of the 1962 Trade Expansion Act.
• The Aluminium Association of India warned that the 50 percent levy will damage domestic producers already facing surging low-cost imports.
• The Global Trade Research Initiative projects that India’s $4.56 billion in annual metal exports to the United States will be significantly affected.
• India has filed a World Trade Organization notification to impose retaliatory duties, further complicating ongoing bilateral trade agreement negotiations.
• Shares of major Indian metal firms fell sharply, dragging the Sensex down about 700 points and the Nifty by roughly 200 points as investors reacted to the escalating standoff.