South African trade minister, Rob Davies has recently introduced a new 10% custom duty on certain steel products in order to protect local industry from cheaper Chinese steel imports.
The minister has imposed customs duty on steel products like zinc-coated/galvanised steel, aluminium-zinc coated steel and colour coated steel. Previously, there was no duty payable.
The minister has taken this step not only to protect local industry, but also to save people’s employment.
The World Trade Organisation (WTO) allows countries to increase tariffs upto 10% to protect local industries.
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