Developing economies such as Sri Lanka, Brazil, Thailand and Vietnam are likely to bear the brunt of additional US tariffs on steel and aluminium, according to a Moneycontrol analysis.
In 2023, only 14.6 percent of India’s steel and aluminium exports were directed to the United States, while for Brazil, the share was significantly higher at 41.4 percent.
Sri Lanka’s dependence was nearly as steep, with 39.5 percent of its metal exports going to the US.
Canada and Mexico each had over 80 percent dependence on the American market two years ago.
Countries like Australia and China, despite being major players in global steel markets, were less exposed to the US market, with only 9.9 percent of Australia’s steel and aluminium exports shipped to the US in 2023, and China’s share even lower at 8.6 percent.
The United States imported $113.6 billion worth of steel, iron, and aluminium products in 2023.
In absolute terms, the European Union, with 17 percent of its metal exports going to the US, will be hit harder than many other economies.
It exported $17.82 billion worth of metal goods to the US last year, slightly more than China, which shipped $17.76 billion.
India ranked as the eighth-largest exporter, with total exports valued at $4.2 billion heading to America.
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