NEW DELHI: The day US President Donald Trump signed the reciprocal tariff plan, he also agreed with Prime Minister Narendra Modi to make the US a bigger supplier of oil and gas as well as defence products. The development in the US has evoked mixed reactions from corporate India.
Naveen Jindal, chairman of Jindal Steel & Power, and president of Indian Steel Association, says the joint statement by Prime Minister Narendra Modi and Trump underscores their strong partnership and commitment to advancing bilateral ties through Strategic Technology (TRUST). The initiative on critical minerals and advanced materials marks a significant step toward economic and technological cooperation. He says that the recent 25% US tariff on steel puts exporting nations on equal footing, creating an opportunity for India to strengthen its position in the trade landscape.
Satish Pai, MD of Hindalco, speaking to TNIE, says he doesn’t expect Indian aluminum market to be suddenly flooded with aluminum coming in from countries which export to the US. He says a large part of US aluminum is coming from Canada, and he doesn’t think that the US has any other option but to take that Canadian aluminum.
Dipali Goenka, MD, Welspun Living, which has a major exposure to US via exports, and a manufacturing unit, is hopeful that the talks between Modi and Trump would yield positive results for both the countries.
“Any impact that will come on India, we will be able to tide through it. It can’t be as extreme as the other countries,” she said. Sanjay Nayar, president, ASSOCHAM, says the ambitious target of $500 bn bilateral trade by 2030 is achievable while an agreement on negotiation for a bilateral trade agreement would pave way for new trade and investment opportunities between the two nations.