India sets 11-12% tariff on some steel imports for three years

Economic Times
Economic Times
2h ago
5 views
The tariff aims to protect India's steel industry from cheap imports mainly from China and other countries.
India sets 11-12% tariff on some steel imports for three years
A What happened
India has introduced a safeguard duty ranging from 12% to 11% over three years on select steel imports. The tariff targets shipments mainly from China, Vietnam, and Nepal, excluding specialty steels and some developing countries. This move aims to protect the domestic steel industry from serious injury caused by a sharp increase in cheap imports.
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Key insights

  • 1

    Tariff Duration and Scale: The duty starts at 12% in year one, decreases to 11.5% in year two, and drops to 11% in year three.

  • 2

    Targeted Countries and Products: China, Vietnam, and Nepal are subject to the levy while specialty steel products like stainless steel are excluded.

  • 3

    Purpose of Tariff: The tariff seeks to prevent serious injury to the domestic steel industry from increased imports.

Takeaways

The stepped tariff is designed to gradually protect Indian steel makers from the impact of cheap imports over a defined period, encouraging stability in the domestic industry.

Topics

Business & Markets Economy World & Politics Policy & Regulation Trade & Tariffs

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