Commerce department examining steel ministry request on safeguard duty

The commerce department is taking a close look at the steel ministry’s request to impose safeguard duty on certain steel products to tackle a sudden sharp rise in the import of the alloy from China, South Korea, Vietnam, and Japan, among other nations. 

Safeguard duty is a temporary tariff barrier imposed by a country to protect its domestic industry from surge in imports. However, any such duty may raise steel prices, hurting the micro, small and medium enterprises (MSME) sector, a point also being considered by the department, a senior government official said. 

The Directorate General of Trade Remedies (DGTR),