India Joins Trump in Tackling Global Steel Surplus Through Tariffs
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India is set to introduce protective measures in its steel industry, following a trend of global protectionism after President Donald Trump imposed tariffs on US imports. The Commerce ministry of India has proposed temporary duties of 12% on various steel products to counter the surge of metal, notably from China. Such safeguard measures are implemented during times of excessive imports that pose a threat to the domestic industry. India, being the second-largest steel producer globally, is aligning with other regions seeking tariff relief due to China's surging steel exports amid a property crisis. The proposed tariffs are scheduled to be in place for 200 days, subject to a final ruling following consultations and a public hearing. The move is expected to benefit the domestic market, with steelmakers in India seeing a rise in shares post-announcement. China, despite cutting down steel production, continues to flood the global market, prompting countries like India to take swift protective actions to prevent further damage to their industries.

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