India's Steel Safeguard Duty Proposal is Under Consideration

A plan to introduce a safeguard duty on steel imports in India is still under consideration by trade officials. The initiative seeks to shield local steel manufacturers from runaway imports, which have been affecting their profitability. The safeguard duty is meant to grant temporary protection by raising tariffs on imported steel products. But the move is being weighed under consideration to see how it would be met with international trade treaties and to prevent retaliatory action from trading nations. The outcome will have a big influence on India's steel sector, which has been looking for protection from cheap imports. 

 

Source: Economic Times, Reuters, Business Standard.