Daily Current Affairs (UPSC CSE) - 27th September 2024 (Part 3)

11. Steelmakers Seek Higher Tariffs as Chinese Imports Surge

News Link: Steelmakers Seek Higher Tariffs as Chinese Imports Surge

Syllabus: Prelims & Mains – General Studies Paper III (Indian Economy, Trade Policy, Industry)

Context:

Indian steelmakers are seeking higher tariffs on steel imports from China due to a surge in Chinese imports that is affecting domestic industry performance. This comes amid concerns of predatory pricing by Chinese manufacturers.

Detailed Analysis:

• Surge in Chinese Steel Imports:

  • Indian steel manufacturers have raised concerns about a significant rise in imports from China, which is undercutting domestic prices and hurting local producers.

  • Chinese steel is often sold at lower prices due to government subsidies and overproduction, leading to what is often referred to as "dumping."

  
  

• Call for Higher Tariffs: