India imposes temporary tariff on some steel to stem cheap imports from China

Reuters was first to report on Monday that India’s government was set to impose a 12% tariff on steel imports to curb a surge in cheap imports from China and elsewhere. The story was later confirmed in a government notification. Shares of Indian steelmakers rose 2% on Tuesday.

Why it matters

A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts. The move is New Delhi’s first big trade policy shift since U.S. President Donald Trump imposed a wide range of tariffs on countries in April, kicking off a bitter trade war with China.