Japanese markets hit a new record high
The Nikkei average climbed 0.77 percent to 43,714.31 after the government said the U.S. is not pressuring the Bank of Japan for rate hikes.
The broader Topix index settled 0.43 percent higher at 3,120.96. A weaker yen lifted auto stocks, with Honda, Toyota and Nissan rising 2-3 percent.
Fast Retailing, the operator of fashion giant Uniqlo, rose 1.3 percent, and chip-testing equipment maker Advantest added 1.5 percent.
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The Hindu
3 hours ago
- The Hindu
India recommends import tariffs for three years on some steel products
India has recommended a three-year import tariff of 11%-12% on some steel products to curb shipments from top producer China. The levy, if imposed, will start at 12%. It will be eased to 11.5% in the second year and to 11% in the third year, the Directorate General of Trade Remedies (DGTR) said in a notification dated August 16. "The Authority concludes that there is a recent, sudden, sharp and significant increase in imports," the notification said, adding that this could cause serious injury to the domestic steel sector. The DGTR also said that due to 50% tariffs on steel imports into the U.S., coupled with similar measures by other countries, a bulk of steel volumes are lying with manufacturers across the world. "Therefore, the safeguard duty must address, not only the serious injury suffered by the domestic also the threat of serious injury that is likely to arise in the future." The final recommendation follows preliminary findings, after which the Indian government in April imposed a 12% temporary tariff for 200 days Earlier on Monday, Japanese steel lobby groups said they have requested the early introduction of measures to prevent the evasion of anti-dumping tariffs aimed at protecting their domestic sector from unfair imports. U.S. President Donald Trump's import tariffs on steel have fuelled a wave of trade frictions against Chinese steel, with countries including South Korea and Vietnam imposing anti-dumping levy.
Hindustan Times
5 hours ago
- Hindustan Times
India may impose 3-year tariff on top steel producers, China to feel impact
The Indian government may impose a three-year import tariff of 11–12 per cent on some selected steel products, if it heeds to a communique by its Directorate General of Trade Remedies (DGTR) on August 16. The recommendation is aimed at curbing rising shipments from top steel producers like China.(REUTERS) The proposed tariff on steel imports would begin at 12% in the first year, reduce to 11.5% in the second, and further drop to 11% in the third, Reuters reported. The move would curb rising shipments from top steel producers like China, whose oversupply has disrupted global markets. "The Authority concludes that there is a recent, sudden, sharp and significant increase in imports," the DGTR notification said, adding that this could cause serious injury to the domestic steel sector. This latest recommendation follows a temporary 12% safeguard duty imposed by India in April for 200 days after preliminary findings showed a steep increase in steel imports. The final recommendation now formalises the case for longer-term protection. Global steel glut behind tariff push The DGTR also said that due to 50% tariffs on steel imports into the US, coupled with similar measures by other countries, a bulk of steel volumes are lying with manufacturers across the world. "Therefore, the safeguard duty must address, not only the serious injury suffered by the domestic also the threat of serious injury that is likely to arise in the future." Trade tensions on the rise as global steel tariffs tighten The recommendation comes amid a wave of international trade protection against Chinese steel exports. US President Donald Trump's import tariffs on steel have fuelled a wave of trade frictions against Chinese steel, with countries including South Korea and Vietnam imposing anti-dumping levy. In a related move, Japanese steel industry lobby groups have also called for faster action to prevent evasion of anti-dumping duties and protect their domestic markets from unfair imports.
Business Standard
7 hours ago
- Business Standard
Japanese markets hit a new record high
Japanese markets hit a new record high ahead of inflation data due this week that could provide further guidance on whether the Bank of Japan will hike rates again this year. The Nikkei average climbed 0.77 percent to 43,714.31 after the government said the U.S. is not pressuring the Bank of Japan for rate hikes. The broader Topix index settled 0.43 percent higher at 3,120.96. A weaker yen lifted auto stocks, with Honda, Toyota and Nissan rising 2-3 percent. Fast Retailing, the operator of fashion giant Uniqlo, rose 1.3 percent, and chip-testing equipment maker Advantest added 1.5 percent.
