India Implements Steel Import Duty over Concerns of Chinese ‘dumping’
(MENAFN) India has introduced a 12 percent duty on steel imports to combat a significant rise in affordable shipments from countries like China, the Finance Ministry in New Delhi announced on Monday.
Safeguard duties are generally enforced when a nation's local industry faces serious threats from foreign imports.
This action follows the decision by United States Leader Donald Trump's administration to impose a 25 percent tariff on steel and aluminum imports.
The substantial tariffs might push steel exporters to flood other markets with their goods, with India being a key target.
Indian Steel and Heavy Industries Minister H. D. Kumaraswamy stated that the implementation of the safeguard duty would provide essential relief to local manufacturers, especially small and medium-sized businesses, which have been severely affected by the influx of imports.
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