India’s blow to China! Heavy tariffs imposed on cheap steel imports; Tax payable for 3 years

• India’s blow to China
• Heavy tariffs on cheap steel imports
• Tax payable for 3 years

India Steel Import Tariff on China : New Delhi : A big news has come out. India to China (China) has given a big bang. India has curbed large scale imports of steel from China. For this, India imposes large tariffs on China (Tarrif) is applied. According to information received, 11 to 12 percent duty has been imposed on steel products coming from China to India. Rising tension in global trade is also one of the main reasons for this.

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The central government of India has announced 11 to 12 percent duty on steel products for the next three years. Initially, the duty will be 12 per cent, then it will be reduced by 5 per cent to 11.5 five and then 11 per cent, the central government said. According to the government, this decision is likely to bring relief to steel manufacturers.

India is the second largest producer of crude steel. In recent years, a large amount of steel has been imported from China. This has put a lot of pressure on domestic steel production. Due to this, the steel producers are likely to suffer financially. Against this backdrop, the Indian Stallness Steel Development Association (DGTR) filed a complaint against these Chinese imports. The complaint sought the imposition of anti-dumping duties.

After all these investigations the picture of sudden increase in imports became clear to DGTR. Due to this, there has been a huge financial loss to the steel industry in the country and to avoid this threat, India has imposed tariffs on steel products imported from China. An official statement has also been issued. Apart from this, India has also imposed duties on imports from China, Vietnam and Nepal. Some of these products are excluded.

Rise in global trade tensions

Meanwhile, the second biggest reason for India taking this decision is the rise in global trade tensions. US President Donald Trump (Donald Trump) is affecting global steel markets due to tariffs imposed on steel products. Anti-dumping duties have also been imposed on countries like South Korea, Vietnam. Due to this, this decision of India is being considered as part of balancing the global markets.

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