India moves to impose tariffs on steel imports
Published: 05:03 PM,Mar 19,2025 | EDITED : 09:03 PM,Mar 19,2025
The Indian Ministry of Commerce has proposed a 12 per cent tariff on a wide range of imported steel products.
NEW DELHI: India is poised to join the wave of protectionist measures in the steel sector, preparing plans to impose import tariffs one week after US President Donald Trump's decision to impose 25 per cent tariffs on steel and aluminium imports.
The Indian Ministry of Commerce has proposed a 12 per cent tariff on a wide range of imported steel products, at a time when the global steel market is facing turmoil. Many countries are taking protectionist measures to counter the influx of the metal into their markets, particularly from China, which produces one billion tons of steel annually.
The Indian Ministry of Commerce said in a statement that safeguard measures are used in 'times of unfavourable and unexpected import surges that cause or threaten to cause permanent damage to the domestic industry.'
India is the world's second-largest steel producer and has joined many countries from Asia to Europe and Latin America in trying to adapt to President Trump's decision to impose tariffs on US imports.
Meanwhile, China's real estate crisis has led to a significant increase in its steel exports, contributing to a large surplus in the global market amid weak global demand.
According to the preliminary decision issued after an investigation by the Indian Trade Commission, the proposed tariffs on Indian steel imports will be in place for 200 days, with a final decision to be issued after 30 days of consultation and a public hearing. — ONA
The Indian Ministry of Commerce has proposed a 12 per cent tariff on a wide range of imported steel products, at a time when the global steel market is facing turmoil. Many countries are taking protectionist measures to counter the influx of the metal into their markets, particularly from China, which produces one billion tons of steel annually.
The Indian Ministry of Commerce said in a statement that safeguard measures are used in 'times of unfavourable and unexpected import surges that cause or threaten to cause permanent damage to the domestic industry.'
India is the world's second-largest steel producer and has joined many countries from Asia to Europe and Latin America in trying to adapt to President Trump's decision to impose tariffs on US imports.
Meanwhile, China's real estate crisis has led to a significant increase in its steel exports, contributing to a large surplus in the global market amid weak global demand.
According to the preliminary decision issued after an investigation by the Indian Trade Commission, the proposed tariffs on Indian steel imports will be in place for 200 days, with a final decision to be issued after 30 days of consultation and a public hearing. — ONA