India imposes 3 years tariff on some steel products
India has imposed a three-year import tariff of between 11% and 12% on some steel products, according to a finance ministry order.
India has imposed a three-year import tariff of between 11% and 12% on some steel products, according to a finance ministry order. This order is being implemented after a sudden sharp and significant increase in imports.
According to the order, a 12% safeguard duty, the local name known for the levy, will be imposed in the first year, 11.5% in the second year, and 11% in the third year.
However, this will not be applicable on imports from certain developing countries and specialty steel products such as stainless steel, as per the order published by the government. Meanwhile, the imports from China, Vietnam, and Nepal will be subject to the levy.
The federal steel ministry has clarified that it does not want to cheap imports and sub-standard products to inure the domestic steel industry.
The government imposed a temporary 200-day tariff of 12% in April.
The Directorate General of Trade Remedies recommended the three-year duty after finding a “recent, sudden, sharp and significant increase in imports … causing and threatening to cause serious injury to the domestic industry”, the order said.
U.S. President Donald Trump’s import tariffs on steel have fuelled a wave of trade friction over Chinese steel, with countries including South Korea and Vietnam imposing anti-dumping levies earlier this year.
