Both India and America have decided to remove additional tax on steel and aluminum products. The two countries have agreed to create a joint monitoring mechanism to enable export of a minimum of 3.36 lakh tonnes of steel and Aluminum products from India to the US in a year without additional duty.
Additional duty has been imposed on the export of some steel and aluminum products from India to America. Piyush Kumar, additional secretary in the commerce ministry, said officials from the two countries will meet twice a year to make exports possible without additional duty.
He said that if Indian exporters face any problem in sending steel and aluminum products to America, it will be brought to the notice of the Commerce Ministry and then the issue will be raised in the meetings of the Joint Monitoring Mechanism.
Kumar said that applications related to export of 3.36 lakh tonnes of steel and aluminum annually will be approved. This is the minimum quantity and America can approve more than this also.
In 2018, America had imposed 25 percent duty on Indian steel products and 10 percent duty on aluminum products. He had cited national security for this decision, although there was no such thing. In response, India also imposed additional customs duty on the import of 28 American products in June 2019.
Top 10 Steel manufacturing companies in India
- Tata Steel
- JSW Steel
- Steel Authority of India Limited (SAIL)
- Essar Steel
- Jindal Steel
- Rashtriya Ispat Nigam Limited (RINL)
- National Mineral Development Corporation (NMDC)
- VISA Steel
- MESCO Steel
- Electrotherm India Limited
- Hindalco Industries
- Ratnamani Metals & Tubes Ltd.
Top 10 Aluminium manufacturing companies in India
- Century Extrusions Ltd.
- Hindustan Aluminium Company (HINDALCO)
- Vedanta Aluminium Limited,
- Jindal Aluminium
- India Foils Limited
- Sacheta Metals
- National Aluminium Company Limited (NALCO)
- Madras Aluminium Company Limited (MALCO)
- Bharat Aluminium Company Limited (BALCO)
- Indian Aluminium Company Limited (INDAL)
The total goods and services trade value of U.S. and India in 2022 was $191.8 billion. Exports were $73.0 billion; imports were $118.8 billion. The U.S. goods and services trade deficit with India was $45.7 billion in 2022.
The U.S. faced trade deficit of $45.7 billion with India in 2022.