India Slaps 12% Safeguard Duty on Steel Imports, Targets China

• India imposed a three-year safeguard duty on steel imports, starting at 12%, to curb cheap shipments.
• The levy will decrease annually: 12% (1st year), 11.5% (2nd year), and 11% (3rd year).
• China, Vietnam, and Nepal are subject to the duty, while certain developing countries and specialty steels are exempt.
• The move aims to protect India's domestic steel industry from a "sudden, sharp and significant increase in imports."
• This follows a temporary 12% tariff in April and global trade friction over steel, including US tariffs.

Why It Matters: India imposes a multi-year safeguard duty on steel imports, primarily targeting China, to protect its domestic industry.