Indian steel mills are likely to see a sharp drop in prices after U.S. import tariffs come into effect and reshape global trade of the alloy, potentially redirecting a glut of supply into the South Asian country,

The recently announced U.S. tariffs on steel imports mean that countries like China, which export to the U.S., will need to find new markets — and that could lead to steel dumping in places like India

Taxes on cars imported into India are as high as 110 per cent. Notably, Donald Trump has time and again mentioned about the higher tariffs that India levies on car imports and called for imposing a reciprocal tariff.