NEW DELHI: India will impose 12 per cent to 30 per cent tariffs on some steel products imports from China and Vietnam in an effort to promote and safeguard local industry, according to an order issued by the Indian finance ministry.
The order issued on September 10 stated that Chinese and Vietnamese imports such as welded stainless steel pipes and tubes would be taxed for the next five years.
The relations with China have been at a tough stance since their militaries clashed on the disputed Himalayan border in 2020, prompting New Delhi to tighten scrutiny of Chinese investments and halt major projects.
However, Indian foreign minister Subrahmanyam Jaishankar on Tuesday said that India is “not closed to business from China” but that the problem rather lies in which sectors and on what terms Beijing did business.
The Indian government in August began an anti-dumping investigation in August on certain steel imports from Vietnam.
Last month in Beijing, Chinese President Xi Jinping met with Vietnam’s new leader, To Lam, indicating their interest in deepening relations amid growing trade and investment. This meeting comes despite disputes over boundaries in the South China Sea.