India imposes three-year safeguard duty of up to 12% on steel imports

India has imposed a three-year import tariff ?of between 11% and 12% on ?some steel products, according to ?a finance ministry order published on Tuesday, as the government aims to curb cheap shipments from China. The levy, locally known as a safeguard duty, will be imposed at 12% in the ?first year followed by 11.5% in ?the second year and then 11% in the third year. The measure, which was published on ?the official government gazette, ?excludes imports from certain developing countries, though China, Vietnam, and Nepal will be subject to the levy. It also ?will not apply to specialty…