Tata Steel Urges Safeguard Duties to Shield Domestic Industry from Global Tariff Impact

Tata Steel's Managing Director, TV Narendran, has advocated for the imposition of safeguard duties on steel imports to protect India's domestic steel industry from the indirect effects of US tariff hikes. He noted similar actions taken by other countries and warned of potential investment impacts if measures aren't implemented soon.

Amid rising global trade tensions, Tata Steel Managing Director TV Narendran called for urgent domestic safeguard duties to protect India’s steel sector. Speaking at Nasscom's annual event, Narendran highlighted similar international measures, such as Vietnam and South Korea's recent decisions on Chinese steel imports.

Following President Donald Trump's new 25% tariff on US steel imports, the Indian Steel Association pushed for immediate government intervention with safeguard duties, favoring them over anti-dumping duties due to quicker enforcement, Narendran explained. The potential for redirected steel could impact India's market indirectly, he warned.

Abhyuday Jindal, Jindal Stainless MD, also advocated for a 25% import duty to shield domestic manufacturers from possible product dumping. Narendran emphasized that delays in protection could hurt industry investments and compress margins, further affecting financial strategies and expansion plans.