Donald Trump said he would impose 25 percent tariffs on all steel and aluminium imports, expanding his trade conflicts to the metals sector. Watch this report for more details!

Donald Trump to impose 25% tariffs on steel, aluminium imports

With the acquisition of Bahrain's Aluminium smelter, Saudi Arabia is moving closer to its goal of making mining and metals the "third pillar" of its economy. The state-controlled Saudi mining company, known as Maaden, announced a series of deals this week involving Aluminium Bahrain B.S.C., or Alba.

Saudi eyes Alba control to boost metals plan

The private sector, long the backbone of China's economic growth, is struggling to recover. Fixed-asset investment contracted by 0.5% in the first 11 months of the year, in stark contrast to a 6.5% rise in the state sector. The once-prosperous golden world innovation aluminium, amid declining orders and a real estate crisis, finds itself unable to break even.

Guangdong's manufacturing hub faces unemployment wave

In Nigeria, an artist is using at environmentally conscious trend called upcycling, to use aluminium cans and transform them into art pieces. Take a look at chibuike ifedili-chukwu's creations.

Nigeria can portraits made from upcycling material

China's army of metal processors and traders has flipped from buyers to sellers. This amid a sharp downshift in economic activity in the world's top manufacturer, which is also heralded a potential warning sign for steel, aluminium and other key industrial commodities.

China's metals traders offload stockpiles as bleak demand outlook bites

Russian President Vladimir Putin on Monday (February 21) ordered the deployment of troops to two breakaway regions in eastern Ukraine. In a televised address, Putin ordered to despatch Russian peacekeepers to Ukraine's two breakaway regions - the self-proclaimed Donetsk People's Republic and the Lugansk People's Republic.

Russian President Vladimir Putin on Monday (February 21) ordered the deployment of troops to two breakaway regions in eastern Ukraine. In a televised address, Putin ordered to despatch Russian peacekeepers to Ukraine's two breakaway regions - the self-proclaimed Donetsk People's Republic and the Lugansk People's Republic. The Russia-Ukraine crisis impacted the prices of some of the commodities worldwide. The prices are expected to rise further: Here's a list: Gold Gold prices are already rising globally amid the ongoing conflict and after Putin's latest move to deploy troops to two breakaway regions in eastern Ukraine, the gold hit a near nine-month high on Tuesday (February 22). Spot gold XAU= was up 0.2% at $1,909.60 per ounce by 0332 GMT, after scaling its highest since June 1 at $1,913.89 per ounce earlier. US gold futures GCv1 gained 0.6% to $1,911.50. Jeffrey Halley, who is a senior market analyst at OANDA, said: "With the situation deteriorating seemingly by the day in Eastern Europe, there is very little reason to be negative on gold at the moment." Halley added, "Rising stagflationary pressures around the world are also underpinning the precious metal, a situation that will be exacerbated by massive Western sanctions on Russia if they come to play." ALSO READ | US imposes sanctions on two Russian-backed areas in eastern Ukraine Aluminium The escalating border tensions between Russia and Ukraine could result in soaring prices of Aluminium as Russia accounts for approximately 6 per cent of the global aluminium supply. The conflict could result in a potential supply shock in the aluminium market, which is already tight. In recent days, Aluminum prices have risen about 15 per cent till Feb 21. The prices are near multi-year highs and there's a possibility that it could still rise further. Christopher LaFemini, who is a Jefferies analyst quoted as saying by Oilprice.com that when the conflict ends, aluminium prices might decline but will rise again because the deficit would persist. Oil After Putin's latest announcement, oil jumped to a seven-year high. Important to note that Russia is an oil and gas powerhouse, as the country is pumping about nine million barrels of crude oil a day. Crude - already up more than 20 per cent this year on surging demand - piled higher still on Tuesday, with Brent closing in on the $100 mark for the first time since 2014. Hopes of an Iran nuclear deal, which could see Tehran resume global oil exports, were unable to temper the gains. The jump in oil is compounding worries about inflation around the world, with the Federal Reserve coming under intense pressure to tighten monetary policy to prevent prices from running out of control. ALSO READ | Vladimir Putin orders troops into eastern Ukraine: Key points from his crucial address Natural gas The ongoing conflict could result in much higher prices for natural gas as Russia is a leading producer of natural gas. As per BP data, the country pumped about 639 billion cubic meters of natural gas in 2021, which was nearly 17 per cent of global production of 3.854 trillion cubic meters. West claims that Russia is using natural gas as a tool to take advantage of the crisis situation. The claims also state that Russia delays in the certification of Nord Stream 2, which is a system of offshore natural gas pipelines in Europe, running under the Baltic Sea from Russia to Germany. Copper Russia produced 920,000 tonnes of refined copper in 2021, which is about 3.5 per cent of the world's total, the USGS data tells. As per a report by Oilprice.com, UMMC and Russian Copper Company are the other two major producers. Europe and Asia are two major export markets for Russia and the ongoing conflict is likely to impact exports resulting in higher prices globally. Cobalt The Russia-Ukraine conflict could also result in rising prices of Cobalt. Russia produced 7,600 tonnes of cobalt last year, more than 4 per cent of the world total, as per the data from the US Geological Survey (USGS). ×

These commodities could become super expensive amid escalating Russia-Ukraine crisis

The United States and European Union have agreed to end a festering dispute over US steel and aluminum tariffs imposed by former President Donald Trump in 2018.

US and EU end long standing dispute over steel and aluminum tariff

Plastic bottles versus aluminium cans: Who'll win the global water fight?

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months.

Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent.

Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze.

On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect.

"Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement.

DISPUTED DECISION

The decision to lift the sanctions, imposed by the US&nbsp;Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions.

Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo.

Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies.

Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies.

But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control.

That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions.

It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements.

Deripaska himself remains subject to US sanctions.

CHANGES IN RUSAL, En+

After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions.

Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors.

"The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement.

These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said.

In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+.

Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao.

They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked.

Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them. The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months. Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent. Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze. On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect. "Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement. DISPUTED DECISION The decision to lift the sanctions, imposed by the US Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions. Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo. Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies. Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies. But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control. That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions. It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements. Deripaska himself remains subject to US sanctions. CHANGES IN RUSAL, En+ After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions. Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors. "The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement. These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said. In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+. Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao. They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked. Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

Rusal shares soar, aluminium falls as US lifts sanctions

India’s aluminium scrap import jumped 21.44 per cent to 6,57,000 tonnes during the first half of the ongoing fiscal, industry body AAI said while urging the government to impose higher import duty on the metal to protect domestic players.

The import of aluminium scrap had stood at 541,000 tonnes during April-September period of the financial year 2017-18, the Aluminium Association of India (AAI) said in a statement. In July, the association said, it had already apprised the Department of Industrial Policy and Promotion (DIPP) of the situation which could arise in future.

An AAI delegation had urged the government to increase the duty on imports of aluminium scrap, saying the domestic players may become a victim of escalating trade war between the US and China. In the first quarter of the current financial year, aluminium scrap import was at 3,12,000 tonnes, up 24 per cent from 2,51,000 tonnes in the April-June quarter of 2017-18 fiscal. The import of aluminium scrap grew 19 per cent to 3,45,000 tonnes during the quarter ended September, from 2,90,000 tonne in the year-ago period. “In both the quarters, there is a rise. The government must take immediate steps to restrict the import of low-quality scrap. It is a major threat posing the industry. Aluminium is required by industries like automobile, construction, consumer goods, etc which are on a growth trajectory in India. One can imagine the life of the products which is made up of substandard raw material,” an AAI official said in the statement.

“We have suggested an increase in the duty to 10 per cent on scrap from the current 2.5 per cent.” We also want quantitative restrictions to be put in place.” The association has also been demanding an increase in import duty on primary aluminium to 10 per cent from current 7.5 per cent. Aluminium is the only metal that has a differential duty structure for primary and scrap and this encourages large-scale dumping of the latter. Domestic aluminium making capacity is at 4 million tonnes per annum (MTPA) and the consumption is at 3.6 MT which industry is already producing.

As the demand will grow proportionately, the players would also ramp up their capacity and output, the association said in a statement. The AAI is the apex body representing the entire spectrum of Indian aluminium industry primary producers, downstream manufacturers, end users, R&amp;D organisations.

India’s aluminium scrap import jumped 21.44 per cent to 6,57,000 tonnes during the first half of the ongoing fiscal, industry body AAI said while urging the government to impose higher import duty on the metal to protect domestic players.

India’s aluminium scrap import jumped 21.44 per cent to 6,57,000 tonnes during the first half of the ongoing fiscal, industry body AAI said while urging the government to impose higher import duty on the metal to protect domestic players. The import of aluminium scrap had stood at 541,000 tonnes during April-September period of the financial year 2017-18, the Aluminium Association of India (AAI) said in a statement. In July, the association said, it had already apprised the Department of Industrial Policy and Promotion (DIPP) of the situation which could arise in future. An AAI delegation had urged the government to increase the duty on imports of aluminium scrap, saying the domestic players may become a victim of escalating trade war between the US and China. In the first quarter of the current financial year, aluminium scrap import was at 3,12,000 tonnes, up 24 per cent from 2,51,000 tonnes in the April-June quarter of 2017-18 fiscal. The import of aluminium scrap grew 19 per cent to 3,45,000 tonnes during the quarter ended September, from 2,90,000 tonne in the year-ago period. “In both the quarters, there is a rise. The government must take immediate steps to restrict the import of low-quality scrap. It is a major threat posing the industry. Aluminium is required by industries like automobile, construction, consumer goods, etc which are on a growth trajectory in India. One can imagine the life of the products which is made up of substandard raw material,” an AAI official said in the statement. “We have suggested an increase in the duty to 10 per cent on scrap from the current 2.5 per cent.” We also want quantitative restrictions to be put in place.” The association has also been demanding an increase in import duty on primary aluminium to 10 per cent from current 7.5 per cent. Aluminium is the only metal that has a differential duty structure for primary and scrap and this encourages large-scale dumping of the latter. Domestic aluminium making capacity is at 4 million tonnes per annum (MTPA) and the consumption is at 3.6 MT which industry is already producing. As the demand will grow proportionately, the players would also ramp up their capacity and output, the association said in a statement. The AAI is the apex body representing the entire spectrum of Indian aluminium industry primary producers, downstream manufacturers, end users, R&D organisations.

India’s aluminium scrap import rises over 21% to 6,57,000 tonnes in ongoing fiscal: AAI

India today challenged the <a href="http://www.wionews.com/world/ready-to-retaliate-against-us-steel-tariffs-japan-tells-wto--138022">US against imposing steel </a>and aluminium tariffs at the World Trade Organization(WTO).

In March, President Trump had imposed 25 tariffs on steel imports and 10 per cent on imported which threatened a worldwide trade war against it. Several countries including China and European Union(EU) condemmed the move and compalined to the WTO.

Russia and Japan have already decided to respond the US tariffs on steel and aluminium. Japan has already told the WTO that it is ready to take retaliatory measures against US tariffs on its steel and aluminium. China has already started retaliatory action.

Trump said the imports threatened national security, a move which was rejected EU and others. Most countries complain that duties of 25 percent and 10 per cent on imports of its steel and aluminium products violate international trade rules.

India accused the Trump administration of "multiple violations" and asked for consultations escalating a legal challenge against the US.

Under WTO rules, if 60 days pass without consultations, India can ask the WTO to set up dispute panel.&nbsp;

In a move which has titled the balance in Trump administation's favour, the US has refused to sign off on any judges to the appellate branch meaning if nothing happens the court won't function at all.

Trump said the imports threatened national security, a move which was rejected EU and others.

India today challenged the US against imposing steel and aluminium tariffs at the World Trade Organization(WTO). In March, President Trump had imposed 25 tariffs on steel imports and 10 per cent on imported which threatened a worldwide trade war against it. Several countries including China and European Union(EU) condemmed the move and compalined to the WTO. Russia and Japan have already decided to respond the US tariffs on steel and aluminium. Japan has already told the WTO that it is ready to take retaliatory measures against US tariffs on its steel and aluminium. China has already started retaliatory action. Trump said the imports threatened national security, a move which was rejected EU and others. Most countries complain that duties of 25 percent and 10 per cent on imports of its steel and aluminium products violate international trade rules. India accused the Trump administration of "multiple violations" and asked for consultations escalating a legal challenge against the US. Under WTO rules, if 60 days pass without consultations, India can ask the WTO to set up dispute panel. In a move which has titled the balance in Trump administation's favour, the US has refused to sign off on any judges to the appellate branch meaning if nothing happens the court won't function at all.

India challenges US steel and aluminium tariffs at WTO

Beijing has requested dispute consultations with the United States at the World Trade Organization over US tariffs slapped on imports of Chinese steel and aluminium products, according to a WTO document published Tuesday.

China's representative to the world trade body has requested "consultations" with Washington over its decision to impose "additional ad valorem rate of duty on imports of certain steel and aluminium products," according to the document, which stated that the complaint was filed on April 5.

US President Donald Trump decided in March to impose steep tariffs on steel and aluminium imports, primarily to target China.

China claims the duties of 25 percent and 10 percent on imports of its steel and aluminium products violate international trade rules.

The Chinese "request for consultations", which marks the first step in a full-blown legal challenge at the WTO's Dispute Settlement Body, is part of an escalating trade confrontation between Washington and Beijing.&nbsp;

Early last week, Washington also published a list of $50 billion in Chinese goods to be hit by tariffs over what Washington says is widespread theft of intellectual property and technology.

China quickly launched a challenge against those proposed tariffs, also requesting that the WTO organise consultations.&nbsp;

Beijing also retaliated by unveiling planned levies on $50 billion worth of major US exports including soybeans, cars and small aircraft.&nbsp;

But Trump hit back again late Thursday, instructing trade officials to consider tariffs on an additional $100 billion in Chinese imports.

Beijing also retaliated by unveiling planned levies on $50 billion worth of major US exports including soybeans, cars and small aircraft

Beijing has requested dispute consultations with the United States at the World Trade Organization over US tariffs slapped on imports of Chinese steel and aluminium products, according to a WTO document published Tuesday. China's representative to the world trade body has requested "consultations" with Washington over its decision to impose "additional ad valorem rate of duty on imports of certain steel and aluminium products," according to the document, which stated that the complaint was filed on April 5. US President Donald Trump decided in March to impose steep tariffs on steel and aluminium imports, primarily to target China. China claims the duties of 25 percent and 10 percent on imports of its steel and aluminium products violate international trade rules. The Chinese "request for consultations", which marks the first step in a full-blown legal challenge at the WTO's Dispute Settlement Body, is part of an escalating trade confrontation between Washington and Beijing. Early last week, Washington also published a list of $50 billion in Chinese goods to be hit by tariffs over what Washington says is widespread theft of intellectual property and technology. China quickly launched a challenge against those proposed tariffs, also requesting that the WTO organise consultations. Beijing also retaliated by unveiling planned levies on $50 billion worth of major US exports including soybeans, cars and small aircraft. But Trump hit back again late Thursday, instructing trade officials to consider tariffs on an additional $100 billion in Chinese imports.

China challenges US over steel, aluminium tariffs at WTO

In a move which could trigger an all-out trade war, China today said it will retaliate against US move to impose tariffs while condemning President Trump's measure to impose tariffs on worth $50 billion on Chinese goods.

China has notified the WTO(World Trade Organization) of imposing $611.5 million in retaliatory tariffs on $2.75 billion worth of US imports including pork, nuts and ethanol.

According to news reports, China has now fulfilled its legal duty of notifying the WTO after it had decided to impose tariffs a few days back.&nbsp

Last month President Trump had imposed tariffs worth $50 billion on Chinese goods entering the US, including 25 per cent tariffs on steel and aluminium.

The Chinese Finance Ministry said the US violated WTO regulations while adding that "China advocates and supports a multilateral trade system."

Meanwhile, the United States on Tuesday announced a "proposed list"&nbspof products imported from China that could be subject to additional tariffs of 25 per cent.

Sectors subject to the proposed tariffs include industries in&nbspaerospace, information and communication technology, robotics&nbspand machinery.

The total value of imports subject to the tariff increase is commensurate with an economic analysis of the harm caused by China's unreasonable technology transfer policies to the US economy, the US Trade Representative(USTR) said.

"We have a problem with China. They've created a trade deficit, and I really blame our representatives and, frankly, our preceding presidents for this. They have a trade deficit of $500 billion a year. It's not something we can live with," Trump told reporters during a media interaction with visiting Baltic leaders.

The theft of intellectual property alone, he said, is probably around $200-300 billion a year.

&nbsp

The Chinese Finance Ministry said the US violated WTO regulations while adding that "China advocates and supports a multilateral trade system."

In a move which could trigger an all-out trade war, China today said it will retaliate against US move to impose tariffs while condemning President Trump's measure to impose tariffs on worth $50 billion on Chinese goods. China has notified the WTO(World Trade Organization) of imposing $611.5 million in retaliatory tariffs on $2.75 billion worth of US imports including pork, nuts and ethanol. According to news reports, China has now fulfilled its legal duty of notifying the WTO after it had decided to impose tariffs a few days back. Last month President Trump had imposed tariffs worth $50 billion on Chinese goods entering the US, including 25 per cent tariffs on steel and aluminium. The Chinese Finance Ministry said the US violated WTO regulations while adding that "China advocates and supports a multilateral trade system." Meanwhile, the United States on Tuesday announced a "proposed list"&nbspof products imported from China that could be subject to additional tariffs of 25 per cent. Sectors subject to the proposed tariffs include industries in&nbspaerospace, information and communication technology, robotics&nbspand machinery. The total value of imports subject to the tariff increase is commensurate with an economic analysis of the harm caused by China's unreasonable technology transfer policies to the US economy, the US Trade Representative(USTR) said. "We have a problem with China. They've created a trade deficit, and I really blame our representatives and, frankly, our preceding presidents for this. They have a trade deficit of $500 billion a year. It's not something we can live with," Trump told reporters during a media interaction with visiting Baltic leaders. The theft of intellectual property alone, he said, is probably around $200-300 billion a year.

Ready to retaliate against US tariff plan: China

Minister of Commerce and Industry and Civil Aviation Suresh Prabhu on Tuesday said that India will bilaterally discuss the import tariffs on steel and aluminium with the United States.

&quot;We are not the largest exporter of steel or aluminium to USA but still if we are affected. We will take up this matter with them bilaterally,&quot; Prabhu told reporters at the Informal World Trade Organisation (WTO) ministerial meeting.

US President Donald Trump had signed a proclamation to impose new tariffs on steel and aluminum imports.&nbsp;

The new order will see a 25 per cent tariff on imports of steel and a 10 per cent tariff on aluminum.

New Delhi is hosting the largest Informal WTO Ministerial Meeting amidst increasing protectionism in global trade

Prabhu said that food security concerns and items related to agriculture were discussed in the meeting and were strongly put forward by countries, including India.

The meeting will see the participation of delegates from over 52 countries, including the US and China and Director General of WTO Roberto Azevedo.

US President Donald Trump had signed a proclamation to impose new tariffs on steel and aluminum imports.

Minister of Commerce and Industry and Civil Aviation Suresh Prabhu on Tuesday said that India will bilaterally discuss the import tariffs on steel and aluminium with the United States. "We are not the largest exporter of steel or aluminium to USA but still if we are affected. We will take up this matter with them bilaterally," Prabhu told reporters at the Informal World Trade Organisation (WTO) ministerial meeting. US President Donald Trump had signed a proclamation to impose new tariffs on steel and aluminum imports. The new order will see a 25 per cent tariff on imports of steel and a 10 per cent tariff on aluminum. New Delhi is hosting the largest Informal WTO Ministerial Meeting amidst increasing protectionism in global trade Prabhu said that food security concerns and items related to agriculture were discussed in the meeting and were strongly put forward by countries, including India. The meeting will see the participation of delegates from over 52 countries, including the US and China and Director General of WTO Roberto Azevedo.

Will take up tariff issue with US bilaterally: Suresh Prabhu

US&nbsp;President Donald Trump said on Thursday the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminium next week.

At a meeting with US&nbsp;industry officials at the White House, Trump vowed to rebuild American steel and aluminium industries, saying they had been treaded unfairly by other countries for decades.

The move is likely to increase tensions with China, whose top trade official Lui He is in Washington for trade talks.

An early morning tweet from Trump that said the steel and aluminium sectors needed protecting from unfair trade drove shares in domestic industries sharply higher.&nbsp;

AK Steel Holding was up 2.8 percent, US&nbsp;Steel Corp was up 2.3 percent and Nucor rose 1 percent. By contrast, industrial stocks such as Boeing fell, with traders citing tariffs, which would hit manufacturers.

The administration says duties would protect US&nbsp;industry, but critics say they would raise costs for industry and fail to deliver on a campaign pledge to boost domestic jobs.

Trump tweeted on Thursday that American steel and aluminium companies needed &quot;free, fair and smart trade&quot;. Trump has indicated he favors a duty of 24 percent on steel imports.

The administration has also cited national security interests for its action, saying the United States needs domestic supply for its tanks and warships. The Department of Defense has recommended targeted steel tariffs and a delay in aluminium duties.

Although China only accounts for two percent of US&nbsp;steel imports, its massive industry expansion has helped produce a global glut of steel that has driven down prices.

China has indicated it could retaliate against US&nbsp;steel tariffs by targeting imports of US&nbsp;agricultural commodities, such as soybeans of which America is the largest supplier.&nbsp;

Trade tensions between the United States and China have risen since Trump took office in 2017 and the administration is also pushing on what it regards as forced technology transfers to China.&nbsp;

Shares of Asian steel producers such as South Korea&#39;s POSCO and Nippon Steel fell overnight.

Few more jons from tariffs

While American steelmakers have lost three quarters of their jobs between 1962 and 2005, a major study by the American Economic Association showed that much of this had been due to improved production technology as output per worker rose fivefold.

&quot;Thus, even if trade protection leads to increased domestic production, increases in employment may be far less than many hope,&quot; a report from the highly-regarded independent Econofact economist network said last week.

Consumers of steel and aluminium have lobbied hard against the tariffs. Econofact said in its report that two million jobs were in industries that use steel &quot;intensively&quot;, including auto parts, household appliances, farm machinery and oil equipment.

Jobs in the consuming industries are concentrated in California, Texas, the Northeastern and Midwestern states that comprise the rust belt and states in the Southeast.

&quot;Across many states, the number of jobs adversely affected in these steel-using industries could far exceed any steel jobs saved,&quot; Econofact warned.

&quot;Past experience also shows that unilateral action like Section 232 tariffs will invite retaliation &mdash; the Bush-era steel tariffs led many countries to target politically sensitive US&nbsp;exports like Florida oranges and North Carolina textiles.&quot; 
&nbsp;

The move is likely to increase tensions with China, whose top trade official Lui He is in Washington for trade talks

US President Donald Trump said on Thursday the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminium next week. At a meeting with US industry officials at the White House, Trump vowed to rebuild American steel and aluminium industries, saying they had been treaded unfairly by other countries for decades. The move is likely to increase tensions with China, whose top trade official Lui He is in Washington for trade talks. An early morning tweet from Trump that said the steel and aluminium sectors needed protecting from unfair trade drove shares in domestic industries sharply higher. AK Steel Holding was up 2.8 percent, US Steel Corp was up 2.3 percent and Nucor rose 1 percent. By contrast, industrial stocks such as Boeing fell, with traders citing tariffs, which would hit manufacturers. The administration says duties would protect US industry, but critics say they would raise costs for industry and fail to deliver on a campaign pledge to boost domestic jobs. Trump tweeted on Thursday that American steel and aluminium companies needed "free, fair and smart trade". Trump has indicated he favors a duty of 24 percent on steel imports. The administration has also cited national security interests for its action, saying the United States needs domestic supply for its tanks and warships. The Department of Defense has recommended targeted steel tariffs and a delay in aluminium duties. Although China only accounts for two percent of US steel imports, its massive industry expansion has helped produce a global glut of steel that has driven down prices. China has indicated it could retaliate against US steel tariffs by targeting imports of US agricultural commodities, such as soybeans of which America is the largest supplier. Trade tensions between the United States and China have risen since Trump took office in 2017 and the administration is also pushing on what it regards as forced technology transfers to China. Shares of Asian steel producers such as South Korea's POSCO and Nippon Steel fell overnight. Few more jons from tariffs While American steelmakers have lost three quarters of their jobs between 1962 and 2005, a major study by the American Economic Association showed that much of this had been due to improved production technology as output per worker rose fivefold. "Thus, even if trade protection leads to increased domestic production, increases in employment may be far less than many hope," a report from the highly-regarded independent Econofact economist network said last week. Consumers of steel and aluminium have lobbied hard against the tariffs. Econofact said in its report that two million jobs were in industries that use steel "intensively", including auto parts, household appliances, farm machinery and oil equipment. Jobs in the consuming industries are concentrated in California, Texas, the Northeastern and Midwestern states that comprise the rust belt and states in the Southeast. "Across many states, the number of jobs adversely affected in these steel-using industries could far exceed any steel jobs saved," Econofact warned. "Past experience also shows that unilateral action like Section 232 tariffs will invite retaliation — the Bush-era steel tariffs led many countries to target politically sensitive US exports like Florida oranges and North Carolina textiles."

US to impose tariffs on steel, aluminium imports

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