Of the main industries that is popular for sourcing from India is finished steel, also referred to as carbon steel. This is a product in demand within India and the United States. The steel industry is a large import for the U.S. in its basic form, and in automobile construction.
Steel Industry in India
The steel industry within India has its major focus in two States in particular: West Bengal and Orissa. Of the two Orissa can be considered the better of the two choices for its adequate source of power for industry, transportation for finished goods both within India and to foreign market, and of course its vast reservoirs of natural resources. Orissa is said to hold the reputation as, “the soul of India” for this and its other qualities.
Steel Tariffs
There are various tariffs for steel being imported into the United States that depend on the form of the metal and its composition when imported. Assuming that one is importing finished steel that has a composition containing by weight more than 4 percent of carbon, then the rate of the tariff would be 10.5%. The rates for importing steel can range from .5% to those above 30% depending. Visit the US International Trade Commission for a list of the different rates of all steels, as well as any other item.
Beyond the tariff, there is no incentive by the American government to prevent the sourcing of steel in India. There are no limits to the monetary sum one is allowed to invest into the Indian ventures, at least on the American side. One could make the argument that the United States does not need to put up limits or restraints to what one can invest into a foreign market, because of the limits other governments put up on foreign investments.
Internal Trade Commission
For those in charge of the importing any product, the nearest would be the Internal Trade Commission. The USITC is is headed by six Commissioners who are nominated by the President and confirmed by the U.S. Senate. The six currently in charge are Deanna Tanner Okun (Chairman), Charlotte R. Lane, Daniel R. Pearson, Shara L. Aranoff, Irving A. Williamson, Dean A. Pinkert.
By – Domenic Gabriella for IndiaExports.com