The UK government has announced the removal of an up to 4 percent countervailing tariff on stainless steel bars and rods imported from India due to a perceived low impact on local suppliers. The UK’s Trade Remedies Authority (TRA) said on Thursday that its recommendation that the countervailing measure on imports of stainless steel bars and rods from India be revoked has been agreed by the government.

Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin.

They are one of three types of trade remedies that are allowed under World Trade Organisation (WTO) rules.

The TRA concluded that although subsidized imports would continue from India if the countervailing measure were no longer applied, it is unlikely that the UK industry would be injured if the measure was no longer in place.

Trade association UK Steel said there is “minimal supply to the UK market of stainless bars and rods by UK producers and therefore very low risk of injury resulting from the removal of the measure”.

According to official statistics, in 2022 India accounted for the UK’s third biggest source of stainless steel bars and rods in tonnage.

The measure meant that importers were required to pay a tariff of 0 to 4 percent.

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Source: economictimes.indiatimes.com/news/