Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

India Makes The Steel Tariff Mistake Again.

Date: 28-11-2016
Subject: India Makes The Steel Tariff Mistake Again

Much economic reform is being done in India and this is all to the good. The population will, in the future, be richer as a result of the changes being made. However, India still doesn’t quite get the point of trade. And this is leading the country to make the same mistake again on steel imports. They’re adding a tariff to cheap steel imports–this is a mistake because the entire point of trade, the very purpose of it, is to get our hands upon cheap imports. Yes, really, imports are the part of the process that make us richer. So, to tax ourselves with a tariff to stop ourselves getting cheap imports is simply ridiculous. It’s common I agree, but it’s still ridiculous:

India has imposed anti-dumping duties on hot rolled flat sheets and plates of alloy or non-alloy steel to curb cheaper imports into the country, a government notification said on Thursday.

  "The government will gradually lower the duty from 10 percent this year to 6 percent by 2019, the notification said.

This is simply the wrong thing to be doing. We know why it happens but it’s still simply the wrong thing to do:

"India imposes safeguard duties on some steel product imports from Nov 23, 2016 to May 22, 2019

The “safeguard” there is to protect domestic producers from the impact of those cheap imports.

  "Government has slapped safeguard duty on import of certain steel products to protect domestic manufacturers from cheap in-bound shipments.

Again, I insist, the wrong thing to be doing. Why it happens is well known. The producers are a small number of people but a small number of people who are very, very, interested in being protected from competition. The users of steel are everyone in the country. Who are only very mildly interested in the price of steel. Sure, we all use some every day but if the price of steel doubled, or halved, it would make very, very, little difference to us. A refrigerator might cost $5 more or something and how often do we buy one of those? But those steel producers are very, very, interested in this price. And it is always true in politics that a concentrated interest will defeat a dispersed one. Thus producers generally win on the subject of trade tariffs and consumers lose.

All of which is why we’ve got to decry this protectionism each and every time we see it. We’re supposed to be running the economy in the interests of the consumers, not the producers. And no tariffs, yea in the face of cheap imports, even dumping, benefits consumers. Thus we should never have tariffs against imports, no matter how much the producers complain and whine.

Source: http://www.forbes.com/

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 01-12-2020
Notification No. 42/2020 -Customs (ADD)
Seeks to amend notification No. 21/2016-Customs (ADD) dated 31st May, 2016 to extend the levy of Anti-Dumping duty on Methylene chloride originating in or exported from China PR, up to and inclusive of 31st Jan, 2021.

Date: 01-12-2020
Notification No. 90/2020 – Central Tax
Seeks to make amendment to Notification no. 12/2017- Central Tax dated 28.06.2017.

Date: 29-11-2020
Notification No. 89/2020 – Central Tax
Seeks to waive penalty payable for noncompliance of the provisions of notification No.14/2020 – Central Tax, dated the 21st March, 2020.

Date: 27-11-2020
Notification No. 109/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 27-11-2020
Circular No. 52/2020-Customs
Exports of Gems and Jewellery through Courier mode - reg.

Date: 27-11-2020
Notification No. 40/2020-Customs (ADD)
Seeks to impose Anti-Dumping duty on Fluoroelastomers (FKM) originating in or exported from China PR for a period of 5 years, in pursuance of sunset review final findings issued by DGTR

Date: 27-11-2020
Notification No. 41/2020 -Customs (ADD)
Seeks to further amend notification No. 49/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of “Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles” originating in or exported from China PR, for a period upto and inclusive of the January 31, 2021

Date: 26-11-2020
Notification No. 43/2020-Customs
Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe BCD rate of 27.5% on Crude Palm Oil

Date: 26-11-2020
Notification No. 39/2020-Customs (ADD)
Seeks to amend notification No. 51/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of "Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester " originating in or exported from China PR & Thailand , for a further period upto and inclusive of 31st December, 2020

Date: 26-11-2020
Public Notice No. 30/2015-20
Revision of SION A1827 of Export Products - Ossein

Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001