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Investing.com -- India has recommended imposing a three-year import tariff on certain steel products to limit shipments from China, the world’s largest steel producer.
The proposed tariff would start at 12% in the first year, then decrease to 11.5% in the second year, and further reduce to 11% in the third year, according to a notification from the Directorate General of Trade Remedies (DGTR) dated August 16.
In its assessment, the DGTR stated: "The Authority concludes that there is a recent, sudden, sharp and significant increase in imports," noting that this surge could seriously harm India’s domestic steel industry.
The trade authority also highlighted that due to the United States’ 50% tariffs on steel imports, along with similar protective measures implemented by other countries, steel manufacturers worldwide are left with excess inventory.
"Therefore, the safeguard duty must address, not only the serious injury suffered by the domestic industry...but also the threat of serious injury that is likely to arise in the future," the DGTR added in its notification.
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