Washington, Mar 12 (AP) President Donald Trump officially increased tariffs on all steel and aluminium imports to 25% on Wednesday, promising that the taxes would help create US factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.

Trump removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminium from 10%. His moves, based off a February directive, are part of a broader effort to disrupt and transform global commerce.

The US president has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging “reciprocal” rates starting on April 2.

The EU announced its own countermeasures on Wednesday. European Commission President Ursula von der Leyen said that as the United States was “applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros,” or about $28 billion. Those measures, which cover not just steel and aluminium products, but also textiles, home appliances and agricultural goods, are due to take effect on April 1.

Trump told CEOs in the Business Roundtable on Tuesday that the tariffs were causing companies to invest in U.S. factories. The 8% drop in the S&P 500 stock index over the past month on fears of deteriorating growth appears unlikely to dissuade him, as Trump argued that higher tariff rates would be more effective at bringing back factories.

“The higher it goes, the more likely it is they’re going to build,” Trump told the group. “The biggest win is if they move into our country and produce jobs. That’s a bigger win than the tariffs themselves, but the tariffs are going to be throwing off a lot of money to this country.”

Trump on Tuesday threatened to put tariffs of 50% on steel and aluminium from Canada, but he chose to stay with the 25% rate after the province of Ontario suspended plans to put a surcharge on electricity sold to Michigan, Minnesota and New York.

In many ways, the president is addressing what he perceives as unfinished business from his first term. Trump meaningfully increased tariffs, but the revenues collected by the federal government were too small to significantly increase overall inflationary pressures.

Trump’s 2018 tariffs on steel and aluminium were eroded by exemptions.

After Canada and Mexico agreed to his demand for a revamped North American trade deal in 2020, they avoided the import taxes on the metals. Other US trading partners had import quotas supplant the tariffs. And the first Trump administration also allowed US companies to request exemptions from the tariffs if, for instance, they couldn’t find the steel they needed from domestic producers.

While Trump’s tariffs could help steel and aluminium plants in the United States, they could raise prices for the manufacturers that use the metals as raw materials.

Moreover, economists have found, the gains to the steel and aluminium industries were more than offset by the cost they imposed on “downstream” manufacturers that use their products.

At these downstream companies, production fell by nearly USD 3.5 billion because of the tariffs in 2021, a loss that exceeded the USD 2.3 billion uptick in production that year by aluminium producers and steelmakers, the US International Trade Commission found in 2023.

Trump sees the tariffs as leading to more domestic factories, and the White House has noted that Volvo, Volkswagen and Honda are all exploring an increase to their US footprint. But the prospect of higher prices, fewer sales and lower profits might cause some companies to refrain from investing in new facilities.

“If you’re an executive in the boardroom, are you really going to tell your board it’s the time to expand that assembly line?” said John Murphy, senior vice president at the US Chamber of Commerce.

The top steel exporters to the US are Canada, Mexico, Brazil, South Korea and Japan, with exports from Taiwan and Vietnam growing at a fast pace, according to the International Trade Administration. Imports from China, the world’s largest steel producer, account for only a small fraction of what the US buys.

The lion’s share of US aluminium imports comes from Canada.

Brussels, Mar 12 (AP) The European Union on Wednesday announced retaliatory trade action after the Trump administration officially increased tariffs on all steel and aluminum imports to 25%, with duties on industrial and agricultural products that will go into effect April 1.
“As the US are applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros (USD 28 billion),” European Commission President Ursula von der Leyen said in a statement. The commission manages trade and commercial conflicts on behalf of the 27 member countries.

“We will always remain open to negotiation. We firmly believe that in a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs,” von der Leyen said.

The commission also said that steel and aluminum products would be hit in return, but also textiles, leather goods, home appliances, house tools plastics and wood. Agricultural products will also be impacted — including poultry, beef, some seafood, nuts, eggs, sugar and vegetables.

President Donald Trump said his taxes would help create US factory jobs, but von der Leyen said: “Jobs are at stake. Prices will go up. In Europe and in the United States.”

“We deeply regret this measure. Tariffs are taxes. They are bad for business, and even worse for consumers. These tariffs are disrupting supply chains. They bring uncertainty for the economy,” she said.

European steel companies have been bracing for losses.
“It will further worsen the situation of the European steel industry, exacerbating an already dire market environment,” Henrik Adam, president of the Eurofer European steel association, said last month.

He said the EU could lose up to 3.7 million tons of steel exports. The United States is the second biggest export market for EU steel producers, representing 16% of the total EU steel exports.

“Losing a significant part of these exports cannot be compensated by EU exports to other markets,” Adam said. (AP)

New Delhi, Mar 12 (PTI) India’s fishery sector loses over USD 2 billion due to untreated wastewater contaminating waterways, according to a study published on Wednesday.

It also said the country suffers an annual economic loss of USD 246 million from diarrhoea caused by contaminated drinking water due to poor wastewater management.

Launched at the World Ocean Summit in Japan by ocean health initiative Back to Blue and the Ocean Sewage Alliance, the study highlights the high cost of inaction in wastewater management in Brazil, India, Kenya, the Philippines and the United Kingdom.

Untreated or poorly treated wastewater is a major source of pollution and disease. When it enters rivers, oceans and drinking water supplies, the consequences are severe.

Among the five countries, India’s fishery sector suffers the most, losing 5.4 per cent (USD 2.2 billion) of its economic value annually, followed by Kenya (5.1 per cent).

Since India is a major seafood supplier, this threatens both domestic food security and export markets.

Also, among the countries studied, India incurs the highest healthcare costs from diarrhoea linked to contaminated drinking water. With a wastewater treatment rate of just 21 per cent, nearly three times as many people are affected, resulting in annual costs of USD 246 million.

Brazil faces severe agricultural impacts as crops like soybeans are highly sensitive to soil salinity, worsened by irrigation with untreated wastewater.

India experiences lower proportional losses due to lower soil salinity but still suffers the highest absolute revenue loss (USD 1.2 billion), the study says.

Around 10 per cent of agricultural land in developing countries is irrigated with raw or partially treated wastewater, which often contains toxic heavy metals like zinc, chromium, manganese and iron. While wastewater nutrients such as nitrogen and phosphorus can initially boost crop yields, long-term use leads to soil salinisation and reduced yields.

Amelia Wenger, Conservation Scientist and Water Pollution Programme Lead at the Wildlife Conservation Society, said the cost of inaction is evident in India and beyond. “Investing in adequate sewage and wastewater infrastructure is the only viable solution,” she said.

Where large-scale infrastructure is lacking, decentralised wastewater systems can offer practical alternatives and new high-tech innovations are emerging, she added.

Policymakers who look beyond infrastructure investment and focus on circularity can ensure wastewater is repurposed as organic fertiliser, biogas or even a source of renewable energy, Wenger added.

Like much of the developing world, India views wastewater pollution partly through the lens of water scarcity.

Asserting that expanding treatment capacity is key, Nitin Bassi, senior programme lead for sustainable water at the Council on Energy, Environment and Water (CEEW) said, “We need to improve both water quality and the usable quantity of water. If more wastewater can be captured, treated, and reused, it will reduce the pressure on our freshwater resources.”

Kolkata, Mar 11 (PTI) A UK electric vehicles delegation, comprising six innovative SMEs specialising in fleet telematics, battery energy storage systems, AI, IoT-based cybersecurity and modular decentralized generators, visited Kolkata on Tuesday to explore opportunities in India.

The delegation, facilitated by Connected Places Catapult and supported by Global Business Inroads (GBI) in association with the Bengal Chamber of Commerce and Industry (BCC&I), aims to foster bilateral trade and investment between the UK and India, particularly in the 2- and 3-wheeler EV segments.

Andrew Fleming, British Deputy High Commissioner to East and Northeast India, said, “This EV delegation marks a major step in advancing EV innovation and forging new partnerships. By working together, we can unlock opportunities, drive investment, and accelerate the adoption of clean mobility solutions.”

However, the push for EV adoption in India faces significant financing challenges, as highlighted by the Finance Industry Development Council (FIDC), an association of non-banking financial companies.

The FIDC pointed out hurdles such as uncertainty around EV resale values due to evolving battery technology, battery risks, lack of standardised assessments, limited charging infrastructure and high capital costs, which collectively make EV financing riskier.

The body also flagged unclear insurance policies for retrofitted EVs and low consumer awareness about EV financing as additional barriers.

To address these issues, the FIDC proposed creating a dedicated EV financing fund through institutions like SIDBI or NABARD, reducing interest rates on small EV loans, and establishing a government-backed guarantee fund. Standardizing battery certification and resale mechanisms was another key suggestion to strengthen the secondary market for EVs.

The FIDC emphasised that these measures are crucial to unlocking USD 50 billion in EV financing by 2030, which would support India’s transition to clean mobility and help achieve its net-zero targets.

Meanwhile, the UK EV delegation showcased cutting-edge technologies at a session held at the British Club, creating a platform for UK businesses to explore long-term partnerships in India.

Elena Williams, Director of Government and Global Engagement at Connected Places Catapult, highlighted the value of bilateral exchanges in EV and micromobility, expressing optimism for continued collaboration.

The initiative is expected to strengthen the EV ecosystem, drive investment, and create new jobs, benefiting both economies.

New Delhi, Mar 11 (PTI) India and the US are planning to negotiate a trade agreement and both countries will focus on increasing market access, reducing import duty and non-tariff barriers, and enhancing supply chain integration, Parliament was informed on Tuesday.

In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Jitin Prasada said that as on date, reciprocal tariffs have not been imposed by the US on India.

“Both countries plan to negotiate a mutually beneficial, multi-sector Bilateral Trade Agreement. Both countries would focus on increasing market access, reducing tariff and non-tariff barriers, and enhancing supply chain integration,” he said.

The US issued a Memorandum on Reciprocal Trade and Tariffs on February 13, wherein the Secretary of Commerce and United States Trade Representative are to take necessary actions to investigate harm to America from any non-reciprocal trade arrangements adopted by trading partners and provide a report with detailed proposed remedies for each trading partner.

Tariffs are import duties imposed and collected by the government and paid by companies to bring foreign goods into the country.

During the visit of Prime Minister Narendra Modi to Washington last month, India and the US announced their commitment to more than double the two-way commerce to USD 500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025.

In 2023, the US-India bilateral trade in goods and services stood at USD 190.08 billion (USD 123.89 billion in goods and USD 66.19 billion in services trade). That year, India’s merchandise exports to the US stood at USD 83.77 billion, while imports were USD 40.12 billion, leaving a trade gap of USD 43.65 billion in favour of India.

During 2021-24, America was India’s largest trading partner. The US is one of the few countries with which India has a trade surplus.

Prasada also said that India continues to engage with the US to achieve enhancement and broadening of bilateral trade ties in a mutually beneficial and fair manner.

“This is an ongoing exercise and Indian exporters are working towards diversifying trade baskets and export destinations,” he said.

In 2023-24, India has exported engineering goods worth USD 17.62 billion. The other major goods included electronics (USD 10 billion), gems and jewellery (USD 9.9 billion), petroleum products (USD 5.83 billion), textiles (USD 4.7 billion), marine products (USD 2.5 billion).

In a separate reply, the minister said India’s tariff policy aims to regulate trade, protect domestic industries, and generate revenue through taxes on imported and exported goods.

“Recent reforms have focused on streamlining the tariff structure and facilitating trade,” Prasada said.

India is a member of the WTO (World Trade Organization) and bound to its maximum tariff that can be applied on a product category. The applied tariffs are generally below the bound tariff for a given commodity line.

“With the changing trade scenario, India is moving towards having Preferential/Free Trade Agreements wherein customs tariffs and non-tariff barriers are reduced or eliminated on substantial trade between the PTA/FTA members,” he added.

At present, India is a member of 13 FTAs and 9 PTAs apart from the negotiations with the EU, the UK, and Oman.

MUMBAI, India, March 11, 2025 /PRNewswire/ — ASSOCHAM along with Dun & Bradstreet, a leading global provider of business decisioning data and analytics, has released its Small Business Confidence Index for Q1 2025 which tracks the optimism of small and medium enterprises in India. The first quarter of the calendar year 2025 has begun on a note of optimism for India’s small businesses, pointing to early signs of recovery in most of the key metrics like sales and investment, as gauged by an ASSOCHAM-Dun & Bradstreet survey.

The Small Business Confidence Index (SBCI) for Q1 2025 stands at 107.3, marking an 18.4% q-o-q rise, signalling a cautious rebound in business sentiments. The report highlights improvements in sales, selling prices, and investment, alongside enhanced credit availability, pointing to early signs of recovery for small businesses. However, the gauge marginally dropped by 1% on y-o-y basis.

The report highlights improvements in sales, selling prices, and investment, alongside enhanced credit availability, pointing to early signs of recovery for small businesses.
“Early signs of recovery even in the midst of global trade uncertainties reflects inherent strength and resilience of Indian entrepreneurs. It is more heartening to see an uptick in confidence amongst small businesses, the backbone of the Indian economy,” said ASSOCHAM President Mr. Sanjay Nayar.
“With the RBI beginning the cycle of cut in the policy interest rates and visible signs of improvement in rural demand, we expect definite signs of growth momentum in 2025,” said Mr. Nayar.

According to the latest findings, sales volumes have increased by 1% y-o-y, pointing to some growth within the sector. However, sentiment around new domestic orders is weaker, with a 7-percentage point decline y-o-y. In contrast, export optimism has significantly improved, with a 60-percentage point increase in new export orders on a q-o-q basis and a 12-percentage point rise y-o-y, indicating stronger confidence in international markets. Profitability expectations have remained stable at levels seen in Q1 2024, underpinned by an anticipated 8% rise in selling prices, which is expected to help offset rising cost pressures. Meanwhile, moderating inflation has eased expectations for raw material costs, contributing to a more stable cost environment for small businesses.

“The ASSOCHAM D&B Small Business Confidence Index for Q1 2025 reflects a cautious yet improving outlook among small businesses. The uptick in sales, export orders and selling price expectations reflects early signs of recovery. However, subdued capacity utilization and hiring outlooks suggest that businesses are prioritizing operational resilience rather than rapid scale-up. Inventory management remains conservative, with firms maintaining lean stock levels to mitigate demand volatility. Looking ahead, the Union Budget 2025-26’s focus on supporting MSMEs through enhanced credit guarantees, tax rationalization, and improved trade facilitation is expected to reinforce business optimism and drive sustainable growth in both domestic and international markets,” said Mr. Avinash Gupta, Managing Director, Dun & Bradstreet India.

“In 2025, India’s economy faces slower growth, influenced by monetary easing and shifting fiscal policies. While small businesses show signs of recovery, the ASSOCHAM D&B Small Business Confidence Index for Q1 2025 reflects mixed results. Improvements in sales, prices, exports, and investments suggest gradual recovery, but capacity constraints and cautious hiring show businesses are prioritizing stability. Economic uncertainties and fluctuating demand remain concerns. The RBI rate cut, and expanded MSME credit guarantees aim to support liquidity and investment, while tax changes could boost consumption. Initiatives like ‘BharatTradeNet’ may enhance export competitiveness, supporting recovery,” said Dr. Arun Singh, Global Chief Economist, Dun & Bradstreet.

About ASSOCHAM:

ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations and serving over 450,000 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on www.assocham.org

About Dun & Bradstreet:
Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For more information on Dun & Bradstreet, please visit www.dnb.com.

Dun & Bradstreet Information Services India Private Limited is headquartered in Mumbai and provides clients with data-driven products and technology-driven platforms to help them take faster and more accurate decisions across finance, risk, compliance, information technology and marketing. Working towards Government of India’s vision of creating an Atmanirbhar Bharat (Self-Reliant India) by supporting the Make in India initiative, Dun & Bradstreet India has a special focus on helping entrepreneurs enhance their visibility, increase their credibility, expand access to global markets, and identify potential customers & suppliers, while managing risk and opportunity.

India is also the home to Dun & Bradstreet Technology & Corporate Services LLP, which is the Global Capabilities Center (GCC) of Dun & Bradstreet supporting global technology delivery using cutting-edge technology. Located at Hyderabad, the GCC has a highly skilled workforce of over 500 employees, and focuses on enhanced productivity, economies of scale, consistent delivery processes and lower operating expenses.
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