INDIA TO IMPOSE 12% TEMPORARY TARIFF OR SAFEGUARD DUTY ON STEEL IMPORTS "AT THE EARLIEST," GOVERNMENT SOURCE SAYS

India is set to impose a temporary tariff, known locally as safeguard duty, of 12% on steel imports, said a government source with direct knowledge of the matter, to try and curb a surge in cheap imports from China and elsewhere.

The government would enact the tax as soon as possible, the source, who did not wish to be named, told Reuters on Monday.