15 May 2025 – India has notified the World Trade Organization (WTO) that it intends to suspend trade concessions to the United States and impose tariffs on selected US products in response to the adjusted US Section 232 tariffs on steel and aluminium. Switzerland has imposed a ban on imports of unprocessed aluminium from Russia and Belarus. And stainless steel prices in Asia rose again on Thursday.
India counters US tariffs on steel and aluminium
India has notified the World Trade Organisation (WTO) that the government intends to suspend trade concessions to the United States and impose tariffs on selected US products. This is in response to the US administration’s revised Section 232 tariffs on steel and aluminium.
In a communication to the WTO Council for Trade in Goods on 12 May 2025, India stated that it considers the US measures to be inconsistent with WTO rules and to have a significant negative impact on Indian trade.
Can India’s counter-tariff strategy really work?
Similar to China, India may endeavour to create a similar negotiating situation that led to the suspension of reciprocal US tariffs for 90 days. However, India is in a much worse starting position for any negotiations, as Indian imports to the United States account for just under 20% of those from China. It therefore remains to be seen whether the Indian approach can work.
Switzerland imposes sanctions against Russian raw aluminium
Switzerland has imposed an import ban on unwrought aluminium from Russia and Belarus. Export restrictions have also been extended. The Swiss government’s aim is to prevent the circumvention of existing sanctions against Russia and to harmonise the measures with those of the EU. The decision follows the EU’s 16th sanctions package, the first part of which was already adopted in March.
Despite earlier measures, Russian materials continue to enter Switzerland via third countries such as Turkey, according to media reports. In addition to aluminium, the new regulations also affect other export goods: for example, chrome ores and certain software for oil and gas exploration may no longer be exported due to possible military use.
Asian stainless steel prices rise again
Asian stainless steel prices rose again on Thursday. Prices for the 300 series rose by up to 0.5%, while prices for the 200 series rose by almost 0.9%. Stainless steel scrap rose by around 0.4% today.
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