Engineering Export Promotion Council (EEPC) Chairman Ravi Sehgal said protectionist measures taken by countries like the US would provoke other regions such as Europe and China into taking retaliatory steps, which would further dent exports from India.
India’s exports of steel items to the US are estimated at about USD 500 million per year. The country’s share in prime steel imports in the US is 1.28 per cent, while in aluminium it is 1.12 per cent.
“Certainly the move by the US would impact India’s engineering exports, maybe not directly but indirectly. The price movement of products would become volatile now,” Sehgal says.