Media reports say that UK has agreed not to impose 4% countervailing duty on Indian steel bars and rods after bilateral meetings at the World Trade Organization in Geneva. India's Trade Defense Wing argued that there was no injury to the British domestic industry and requested the UK to reconsider imposition of the duty. Reports have quoted an official as saying that “So the UK has agreed that no injury is being caused to their domestic industry and this 4% duty would go away.”The UK TRA has proposed on 20 December 2022 that countervailing measures on Stainless Steel bars and rods from India be revoked. In its initial findings, the UK’s Trade Remedies Authority had proposed that a countervailing measure on imports of Stainless Steel bars and rods from India be revoked. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. The TRA, as set out in the Statements of Essential Facts, found that revoking the measure would be unlikely to cause injury to the UK industry.As part of its transition review, the TRA found that while there have been subsidized imports of the goods while the measure has been in place, and this will likely continue, injury to UK industry would be unlikely to recur if the measure was no longer applied. This was determined after the TRA found evidence suggesting that UK producers supply only limited amounts of these bars and rods to the UK market, with the majority of their production being exported. Therefore, the TRA found there to be a low risk of injury resulting from the removal of the measure.The period of investigation for the transition review was 1 April 2021 – 31 March 2022 while the injury period was 1 April 2018 – 31 March 2022.The duties recommended for revocation range from 0% - 4%.The measure covers Stainless Steel bars and rods used across various industries, including the automotive, aerospace and food processing industries. They can either be used as a specific component in a larger product, for example as a propeller shaft, or they can be further worked into other stainless-steel products, for example precision components.
Media reports say that UK has agreed not to impose 4% countervailing duty on Indian steel bars and rods after bilateral meetings at the World Trade Organization in Geneva. India's Trade Defense Wing argued that there was no injury to the British domestic industry and requested the UK to reconsider imposition of the duty. Reports have quoted an official as saying that “So the UK has agreed that no injury is being caused to their domestic industry and this 4% duty would go away.”The UK TRA has proposed on 20 December 2022 that countervailing measures on Stainless Steel bars and rods from India be revoked. In its initial findings, the UK’s Trade Remedies Authority had proposed that a countervailing measure on imports of Stainless Steel bars and rods from India be revoked. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. The TRA, as set out in the Statements of Essential Facts, found that revoking the measure would be unlikely to cause injury to the UK industry.As part of its transition review, the TRA found that while there have been subsidized imports of the goods while the measure has been in place, and this will likely continue, injury to UK industry would be unlikely to recur if the measure was no longer applied. This was determined after the TRA found evidence suggesting that UK producers supply only limited amounts of these bars and rods to the UK market, with the majority of their production being exported. Therefore, the TRA found there to be a low risk of injury resulting from the removal of the measure.The period of investigation for the transition review was 1 April 2021 – 31 March 2022 while the injury period was 1 April 2018 – 31 March 2022.The duties recommended for revocation range from 0% - 4%.The measure covers Stainless Steel bars and rods used across various industries, including the automotive, aerospace and food processing industries. They can either be used as a specific component in a larger product, for example as a propeller shaft, or they can be further worked into other stainless-steel products, for example precision components.
