Tag: steel

JSW MD Sajjan Jindal says import tariffs will not hamper exports

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jindal South West Group’s (JSW Group) managing director and chairman, Sajjan Jindal on Friday complimented U.S. President Donald Trump on the imposition of import tariffs on goods on Twitter.

Jindal tweeted saying that it is an importantly strategical step towards safe guarding the steel and other industries in developing and developed nations, further adding that the tariffs on imports will not hamper the exports of a country.

China has a surplus production of about 15%,which they use to disrupt the steel industry world over by dumping cheap quality steel. What @POTUS has done is something our policy makers should replicate. Infact Steel should be excluded from all FTAs @SteelMinIndia @sureshpprabhu

— Sajjan Jindal (@sajjanjindal) March 9, 2018

He also said that the domestic manufacturers should be protected come what may and the National Democratic Alliance (NDA) government should focus on the bigger picture instead of what the vote bank demands.

On Thursday, Anand Mahindra, chairman of India’s largest tractor maker Mahindra & Mahindra (M&M) took to social media  website Twitter to dispel worries about tariff imposition by the U.S. on Indian ggods.

Mahindra, in a series of tweets, said that “India can stand tall in a trade war,” adding that countries with large domestic economies can easily withstand tariff threats.

“MNC’s wanting access to India’s markets will have to manufacture locally, which they will. So no danger of drifting back to a socialist, stagnant economy. I’m no believer in protectionism & enjoy competing globally but I believe India can stand tall in a trade war,” Mahindra said.

He further added that India is a free economy with innovative start-ups, access to global technology and is resource-rich having the ability to meet its commodities demand by importing from outside.

Not sure why Indian markets seem so perturbed by the threat of global tariff wars.Small, export focused countries stand to lose. Countries with large domestic economies can easily withstand tariff threats. The world needs access to the fastest-growing large economy—India.(1/3)

— anand mahindra (@anandmahindra) March 8, 2018

If India retaliates with tariffs,the effect will be very different from what it was https://t.co/fbItr5dRAL,India’s a free-market economy&can access global technology&capital to fuel its own innovative https://t.co/KTEwTlNBtb’s resource-rich&can import commodities it lacks(2/3)

— anand mahindra (@anandmahindra) March 8, 2018

The tweets come after a day the U.S. President, Donald Trump imposed a 25 percent tariff on the import of aluminum and steel.

However, the U.S. has kept Canada and Mexico out of the said tariff imposition.

Countries like China, Brazil, India, Russia, Korea, Thailand and South Africa will face the brunt of this new metal tariff blow.

Trump is already facing resistance from his own Republican government, where few lawmakers are of the opinion that this trade war may retaliate from countries like China.

In the Asian trading hours on Friday, Chinese commodities were cracking as the Shanghai Rebar extended losses, down 5 percent at 3,666 Yuan/Tonne.

The Dalian iron ore also fell 5 percent, with February Chinese iron ore imports declined 16 percent from a month ago.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow