In April, the Indian government introduced a safeguard duty on steel imports for 200 days, aimed at protecting local producers from an influx of low-quality steel. The move targets explicitly imports priced below the global benchmark.
Agarwal is now urging the government to implement a similar safeguard on aluminium, arguing that India, a rapidly growing economy, is increasingly vulnerable to cheap imports. He pointed out that, with the United States no longer a viable market due to its 25 per cent blanket tariff on aluminium and steel imports, exporting countries will likely shift their focus to emerging markets like India.
In a tweet last week, Agarwal stated, "We all know there are two countries central to the trade war, US and China. But did you know there are two commodities also centrestage – steel and aluminium."
Commending the Indian government's decision on steel, he added, "Big players who are losing conventional markets will look to sell cheap in emerging economies like India."
Agarwal also highlighted that even the United States' closest trade partners, such as Canada and Mexico, have been impacted by import tariffs, which may prompt them to look for alternative export markets like India.
