India’s Heavy Industry Minister welcomed tariffs as a way to protect the domestic steel industry.
India collected a new 12% tariff on some steel imports on April 21 amid the recent surge in cheap Chinese steel products.
India’s Ministry of Finance has announced that tariffs will apply to five different categories of iron products. The notice states that these import taxes will exist for the next 200 days, unless the Treasury cancels or modifies the order within that period.
These tariffs arise as China has surged in the production and exports of cheap steel products in recent years.
India remains far away, producing 149 million tonnes of steel last year.
According to data from the World Steel Association, Japan, the third largest steel producer, produced 84 million tonnes of steel in 2024, and 79.5 million tonnes of steel in the fourth largest in the US.
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India’s Heavy Industry HD Minister Kumaraswamy supported the new tariffs as a way to protect his country’s steel industry.
Countries around the world have been reevaluating tariff schedules as US President Donald Trump seeks to rebalance trade relations between the US and the world.
“Vice President Vance and Prime Minister Modi welcomed the significant advances in negotiations on the bilateral trade agreement between the US and India and formally announced the final decision on the terms of the negotiations.
The Vice President’s Office said the emerging agreements will present opportunities to strengthen bilateral trade and create jobs “in a balanced and mutually beneficial way.”
