India Plans 12% Tariff on Steel Imports Amid Global Trade Tensions

India is set to impose a provisional safeguard duty of 12% on various steel imports, including those from China and Vietnam, in response to a surge in cheap imports attributed to U.S. tariffs. The proposed duties will be in effect for 200 days while the final decision is pending a public consultation period. The Directorate General of Trade Remedies emphasized the critical need for immediate measures, citing the significant increase in imports threatening the domestic steel industry. While imports from China and Vietnam are targeted by the tariffs, those from other developing nations will be exempt. The move aligns India with a global trend of protectionism in the steel market as countries seek to shield their industries from the fallout of increased foreign competition. The announcement has already resulted in a rise in shares for major Indian steelmakers.