A sudden outbreak!Another country plans to impose tariffs on China by 15%-25%!
- Author:weiyun.com
- Source:weiyun.com
- Release Date:2025-02-14
Following the United States' frequent tax increases, another country has come to disrupt the situation, and India's attention is also on China...
India may impose 15% to 25% of steel from China as soon as six months as China's import of steel poses a "severe challenge" to Indian domestic producers, according to Reuters' report on February 12. India's steel minister said that as China's import of steel poses a "severe challenge" to Indian domestic producers, India may impose 15% to 25% of steel from China as soon as six months, according to Reuters' report on February 12.temporary tax.
He claimed that China's steel export growth is often accompanied by unfair trade practices, and in order to prevent unfair competition and create a fair market environment, the Indian government is considering imposing what is called a "guarantee tax."The tax rate standard is based on a survey launched by the Indian government in December that it could last up to two years once the tax increase is approved.
In the fiscal year 2023/24 ended last March, India became a net importer of finished steel.Among them, nearly 2.7 million tons of steel products imported from China, accounting for one-third of India's imported steel, an increase of 91% year-on-year.Between April and December 2024, the volume of finished steel imported by India also hit a record high.
Despite the rapid growth of India's economy, increasing infrastructure spending and strong local steel demand, domestic steel prices have declined.In December last year, some small steel mills had to reduce their operations and consider layoffs.
The comprehensive steel and aluminum tariffs announced by U.S. President Trump may cause steel manufacturers to find new markets, exacerbating problems faced by Indian steel manufacturers.In addition, the global steel market demand is sluggish, and the decline in India's steel exports in recent months have also put manufacturers in greater challenges.
In September last year, the Indian Ministry of Finance announced that it would impose tariffs ranging from 12% to 30% on stainless steel welded steel pipes imported from China and Vietnam for a period of five years.At that time, some experts pointed out that this restriction can protect Indian steel companies in the short term, but in the long run it is not conducive to their own upgrading and industrial development, because the fundamental problem lies in the lack of international competitiveness of the Indian steel industry, which leads to enterprises' technological progress and strengthening management.Lack of motivation on the one hand.
A few days ago, on February 10, US President Trump had signed an executive order announcing a 25% tariff on all steel and aluminum imported to the United States.Trump also said on the same day that the relevant requirements "no exceptions and exemptions."
Trump also said he would consider imposing tariffs on cars, chips and drugs.White House officials said the U.S. imposes a 25% tariff on steel and aluminum, which will take effect on March 4.Previously, Trump also announced a 10% tariff on Chinese goods.
On February 13, the China Iron and Steel Industry Association stated that the United States imposed a 25% tariff on imported steel and aluminum. The China Iron and Steel Industry Association stated that the United States' move is essentially a trade protectionist act.
The China Iron and Steel Industry Association said that my country's current steel exports to the United States are relatively small.In 2024, my country's steel exports to the United States were 890,600 tons, accounting for only 0.8% of my country's total steel exports.In the short term, the impact on my country's steel exports is limited.But in the long run, the US move may lead other countries to follow suit, thereby reducing my country's steel export competitiveness.
Raising tariffs ultimately cannot protect the country's steel industry, but it may protect backwardness.In addition, from a medium- and long-term perspective, the increase in tariffs will have adverse impacts on the industrial chain and supply chain of the global steel industry, including China's steel industry.
Recently, the risks of the global trade war have escalated, further stirring the market.Strong reactions from various countries and the implementation of reciprocal tariff plans further increased policy uncertainty.Friends engaged in foreign trade import and export related business need to pay attention to the latest policy changes in a timely manner, act cautiously, and prepare for the larger market turmoil that may arise...
India may impose 15% to 25% of steel from China as soon as six months as China's import of steel poses a "severe challenge" to Indian domestic producers, according to Reuters' report on February 12. India's steel minister said that as China's import of steel poses a "severe challenge" to Indian domestic producers, India may impose 15% to 25% of steel from China as soon as six months, according to Reuters' report on February 12.temporary tax.
He claimed that China's steel export growth is often accompanied by unfair trade practices, and in order to prevent unfair competition and create a fair market environment, the Indian government is considering imposing what is called a "guarantee tax."The tax rate standard is based on a survey launched by the Indian government in December that it could last up to two years once the tax increase is approved.
In the fiscal year 2023/24 ended last March, India became a net importer of finished steel.Among them, nearly 2.7 million tons of steel products imported from China, accounting for one-third of India's imported steel, an increase of 91% year-on-year.Between April and December 2024, the volume of finished steel imported by India also hit a record high.
Despite the rapid growth of India's economy, increasing infrastructure spending and strong local steel demand, domestic steel prices have declined.In December last year, some small steel mills had to reduce their operations and consider layoffs.
The comprehensive steel and aluminum tariffs announced by U.S. President Trump may cause steel manufacturers to find new markets, exacerbating problems faced by Indian steel manufacturers.In addition, the global steel market demand is sluggish, and the decline in India's steel exports in recent months have also put manufacturers in greater challenges.
In September last year, the Indian Ministry of Finance announced that it would impose tariffs ranging from 12% to 30% on stainless steel welded steel pipes imported from China and Vietnam for a period of five years.At that time, some experts pointed out that this restriction can protect Indian steel companies in the short term, but in the long run it is not conducive to their own upgrading and industrial development, because the fundamental problem lies in the lack of international competitiveness of the Indian steel industry, which leads to enterprises' technological progress and strengthening management.Lack of motivation on the one hand.
A few days ago, on February 10, US President Trump had signed an executive order announcing a 25% tariff on all steel and aluminum imported to the United States.Trump also said on the same day that the relevant requirements "no exceptions and exemptions."
Trump also said he would consider imposing tariffs on cars, chips and drugs.White House officials said the U.S. imposes a 25% tariff on steel and aluminum, which will take effect on March 4.Previously, Trump also announced a 10% tariff on Chinese goods.
On February 13, the China Iron and Steel Industry Association stated that the United States imposed a 25% tariff on imported steel and aluminum. The China Iron and Steel Industry Association stated that the United States' move is essentially a trade protectionist act.
The China Iron and Steel Industry Association said that my country's current steel exports to the United States are relatively small.In 2024, my country's steel exports to the United States were 890,600 tons, accounting for only 0.8% of my country's total steel exports.In the short term, the impact on my country's steel exports is limited.But in the long run, the US move may lead other countries to follow suit, thereby reducing my country's steel export competitiveness.
Raising tariffs ultimately cannot protect the country's steel industry, but it may protect backwardness.In addition, from a medium- and long-term perspective, the increase in tariffs will have adverse impacts on the industrial chain and supply chain of the global steel industry, including China's steel industry.
Recently, the risks of the global trade war have escalated, further stirring the market.Strong reactions from various countries and the implementation of reciprocal tariff plans further increased policy uncertainty.Friends engaged in foreign trade import and export related business need to pay attention to the latest policy changes in a timely manner, act cautiously, and prepare for the larger market turmoil that may arise...