MUMBAI — India is bracing for an increase in steel imports following U.S. President Donald Trump’s 25% tariff on all steel, which could push major producers like Japan, South Korea and China to redirect more of their production toward India, further impacting the commodity’s price in the South Asian nation.
The 25% U.S. tariff on steel imports, which took effect Wednesday, might prompt Japan and South Korea to “divert more exports toward India,” S&P Global Ratings said in a note last week. Along with China, the three countries account for about 80% of all steel imports by India.
