FX.co ★ India Plans 3-Year Tariffs on Chinese Steel Imports

India's trade authority has advised implementing a safeguard duty of 11–12% on specific steel imports, primarily from China, to support domestic manufacturers. As outlined in a notice from the Directorate General of Trade Remedies (DGTR) on August 16, this duty would commence at 12%, decrease to 11.5% in the second year, and settle at 11% in the third year. The DGTR stated, "The Authority concludes that there is a recent, sudden, sharp, and significant increase in imports," cautioning that such trends could inflict "serious injury" on India's steel industry. The global steel oversupply has been exacerbated by U.S. tariffs of 50% and similar restrictions in other regions, resulting in surplus stock worldwide. This recommendation is in line with a prior temporary 12% tariff introduced in April for a 200-day period. Additionally, Japanese steel organizations have called for prompt action to address the circumvention of anti-dumping duties, amid rising trade tensions involving U.S. and Asian restrictions on Chinese steel.