India to impose up to 30 per cent tariffs on some steel imports from China, Vietnam
India Imposes 12% to 30% Tariffs on Chinese and Vietnamese Steel to Support Local Industry
India will start charging extra taxes, known as tariffs, on certain steel products imported from China and Vietnam. These tariffs will be between 12% and 30%, according to an order from the Indian finance ministry. The goal is to protect Indian businesses and help them grow.
The new tariffs will apply to welded stainless steel pipes and tubes from China, the world’s biggest steel producer, and Vietnam. These taxes will be in place for the next five years.
The relationship between India and China has been tense since 2020, when their armies fought near their shared Himalayan border. Since then, India has been more careful with Chinese investments and has stopped some big projects involving China. However, India’s Foreign Minister, Subrahmanyam Jaishankar, said that India is not completely closing its doors to business with China. He explained that India wants to be careful about which areas China can invest in and under what conditions.
In August, the Indian government started an investigation into some steel products imported from Vietnam to check if they were being sold at unfairly low prices, a practice known as “dumping.”
Last month, Chinese President Xi Jinping met with Vietnam’s new leader, To Lam, in Beijing. This meeting showed that China and Vietnam want to strengthen their ties, even though they sometimes have disagreements over the South China Sea.
