Economy, Business And Markets

Call for Higher Tariffs on Steel Imports

Call for Higher Tariffs on Steel ImportsCall for Higher Tariffs on Steel Imports

Small steelmakers risk going out of business unless import tariffs are raised, says Rasoul Khalifeh-Soltan, the chairman of Steel Producers Association. “Considering the global recession in the steel market and China’s steelmaking overcapacity, we demand that the government increase import tariffs to 30%,” he was quoted as saying by Donyaye Eqtesad. The government’s newly approved import tariffs include a 5% hike for steel ingots to 15%; 10% jump for hot and rolled sheets to 20%, in addition to a 10% rise for plated steel sheets to 20%. Many steelmakers believe the government is on the right path, but has not gone far enough to fully protect the domestic mills. The United States has recently imposed a 522% import tariff on steel imports from China.