Indian steel policy draws Japanese-led criticism at WTO
The article refers to the recent protest against Indian Tariffs on Steel Imports at World Trade Organization (WTO). Many member countries including Japan, Taiwan, Australia, EU and South Korea criticized India for imposing ‘safeguard ‘ Tariffs on Steel Imports. Indian Government, on the other hand, has imposed the Tariffs under huge pressure from the domestic steel producers after the steep decline in world steel prices brought about by China surpluses and lack of Demand worldwide.
Topics include Protectionism, Tariffs, Dumping, consequences of Protectionism and Economic Integration. Use the Protectionism diagrams to explain effect of Tariffs and Dumping. Discuss how the countries identify and retaliate Dumping.
Evaluation will cover Causes and consequences of Protectionism – on Domestic producers, Employment levels, Consumers, Trade relations between the involved Governments in short term and long term.