India, June 2 -- Metal stocks, especially in steel and aluminum, faced a sharp decline after the United States announced a steep increase in import duties. On May 30, U.S. President Donald Trump declared that the tariff on imported steel will be raised to 50 percent, starting June 4. This move aims to protect American manufacturers but has caused concern among global exporters, including India.

The new decision builds on earlier tariffs first introduced in 2018, where steel imports faced a 25 percent duty and aluminum imports a 10 percent duty. The aluminum rate was raised to 25 percent in February 2025. The latest hike significantly increases pressure on foreign suppliers and could lead to reduced exports and profits.

In the fiscal yea...