India is caught in the cross fire between the tariff war between USA and China; at least the first damage, that too a direct one.
Yesterday, the U.S. Commerce Department announced a preliminary finding that imports of large-diameter welded pipe from China, India, South Korea and Turkey were subsidized by those countries, and said it was imposing preliminary duties that could top 500%.
USA has imposed a preliminary anti-subsidy duties on imports of the pipe from India of up to 541.15% and on those from China of up to 198.49%.
Reacting to this news, Jindal Saw is currently among the top five losers on the BSE, going down over 5% to Rs.87.45; Man Industries also fell 5% and Maharashtra Seamless fell 3%. Indian Hume Pipe is also down 3%.