Time for India to Match Donald Trump’s Protectionist Steps: Industrialists

Sajjan Jindal, chairman of JSW Group, said India should mirror US President Donald Trump’s protectionist tariff move to safeguard domestic manufacturing. 
“Steel industry is a very strategically important industry for every developed/developing nation. What @realDonaldTrump has done in the US is an important and positive step towards safeguarding this industry,” Jindal said in a Twitter post on Friday. The JSW Group has interests in steel, mining, energy, infrastructure, software and sports. 
The US government on March 8 levied 25% tariff on steel and 10% tariff on aluminium imported from all countries except Canada and Mexico. Trump said the step would help the domestic industry against “unfair trade practices”. 
“It is important for our policy makers to understand what countries like China, Korea and Japan are doing,” Jindal said. 
Hpointed out that Japan consumes nearly half of the steel it produces (110-120 MTPA) and exports the remaining, while China has a surplus production of about 15%, “which it uses to disrupt the steel industry world over by dumping cheap quality steel”. 
“What @POTUS has done is something our policy makers should replicate. In fact, steel should be excluded from all FTAs…We must take inputs from what @realDonald-Trump has done in his country. 
“What @POTUS has done is something our policy makers should replicate. In fact, steel should be excluded from all FTAs…We must take inputs from what @realDonald-Trump has done in his country. 
“In the Indian scenario, duty on imports will not hamper exports. Manufacturing sector cannot be sacrificed for the service sector,” Jindal said. 
The industrialist said the proposition holds true not just for the steel industry but for all sectors. “We have to safeguard domestic manufacturers, come what may. @Potus like decisions are required irrespective of what the vote-bank demands. Bigger national picture is imp”, Jindal said 
A day earlier, Mahindra Group chairman Anand Mahindra wrote on Twitter that India need not worry about the Western economies raising tariffs as its large domestic economy can withstand protectionist pressures. 
“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.” 
Mahindra said that if India were to retaliate with tariffs, the effect would be very different from what it was post-independence. “Today, India’s a free-market economy & can access global technology & capital to fuel its own innovative startups. It’s resource-rich & can import commodities it lacks”, Mahindra said. 


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