India Imposes Temporary Tariff on Some Steel to Stem Cheap Imports from China 

A worker stacks pressed steel items at a factory which produces metal products for export, in Binzhou, in China's eastern Shandong province on April 15, 2025. (AFP)
A worker stacks pressed steel items at a factory which produces metal products for export, in Binzhou, in China's eastern Shandong province on April 15, 2025. (AFP)
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India Imposes Temporary Tariff on Some Steel to Stem Cheap Imports from China 

A worker stacks pressed steel items at a factory which produces metal products for export, in Binzhou, in China's eastern Shandong province on April 15, 2025. (AFP)
A worker stacks pressed steel items at a factory which produces metal products for export, in Binzhou, in China's eastern Shandong province on April 15, 2025. (AFP)

India, the world's second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.

The Ministry of Finance said in an official order that the duty would be effective for 200 days from Monday, "unless revoked, superseded or amended earlier".

The move is New Delhi's first big trade policy shift since US President Donald Trump imposed a wide range of tariffs on countries in April, kicking off a bitter trade war with China.

Tensions over cheap steel imports into India predate that, with the investigation behind the latest move beginning in December.

India's Steel Minister H. D. Kumaraswamy said in a statement the measure is aimed at protecting domestic steel manufacturers from the adverse impact of a surge in imports, and will ensure fair competition in the market.

"This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports," Kumaraswamy said.

New Delhi's tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea in 2024/25.

"The decision is along expected lines and we will now wait and see how this measure supports (the) industry and margins and restricts cheap imports into the country," said a senior executive at a leading Indian steel mill.

"The world is impacted by Chinese imports whether directly or indirectly," said the executive.

India was a net importer of finished steel for a second straight year in 2024/25, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.

New Delhi's leading steelmakers' body - which counts JSW Steel and Tata Steel among members, alongside the Steel Authority of India and ArcelorMittal Nippon Steel India - has raised concerns over imports and called for curbs.



QatarEnergy Declares Force Majeure on LNG Contracts

QatarEnergy's liquefied natural gas (LNG) production facilities, amid the US-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. (Reuters)
QatarEnergy's liquefied natural gas (LNG) production facilities, amid the US-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. (Reuters)
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QatarEnergy Declares Force Majeure on LNG Contracts

QatarEnergy's liquefied natural gas (LNG) production facilities, amid the US-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. (Reuters)
QatarEnergy's liquefied natural gas (LNG) production facilities, amid the US-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. (Reuters)

QatarEnergy declared on Tuesday force ‌majeure ‌on some ‌of ⁠its affected long-term ⁠LNG ⁠supply contracts, ‌with ‌counterparties including ‌customers in ‌Italy, Belgium, ‌South Korea, and ⁠China.

It said it was ‌continuing ‌to assess ‌the ⁠full impact of ⁠these recent events on its operations.

It added that it was assessing the impact ⁠and repair ‌timeline ‌for damaged facilities.

Missile ‌attacks on QatarEnergy's Ras Laffan production ‌hub on March 18 and 19 ⁠⁠caused significant damage.


Saudi Arabia Says World Economic Forum Postpones Jeddah Meeting

A World Economic Forum (WEF) logo. AFP
A World Economic Forum (WEF) logo. AFP
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Saudi Arabia Says World Economic Forum Postpones Jeddah Meeting

A World Economic Forum (WEF) logo. AFP
A World Economic Forum (WEF) logo. AFP

The World Economic Forum ⁠has postponed its Global ⁠Collaboration and Growth Meeting, originally ⁠set for April 22–23 in Jeddah, following consultations with the Saudi Ministry of Economy and ⁠Planning, citing ⁠current regional developments.

Saudi Minister of Economy and Planning Faisal Alibrahim stressed in January the need for sustained dialogue to accelerate global growth, calling on participants to engage actively in the meeting.

The Ministry of Economy and Planning affirmed Tuesday that the Kingdom has made comprehensive preparations to host the meeting and remains fully equipped to convene it, reflecting its continued role as a global platform for dialogue and agenda setting.

Building on its proven track record of convening major international gatherings, including the World Economic Forum Special Meeting in Riyadh in 2024, the ministry said it looks forward to hosting the Global Collaboration and Growth Meeting at a date to be announced in due course.

The World Economic Forum said: “The Global Collaboration and Growth Meeting will serve as a leading platform for shaping constructive global dialogue. Following coordination between the World Economic Forum and the Ministry of Economy and Planning of Saudi Arabia, it has been agreed to reschedule the meeting to maximize its global impact.”
 


IMF: Conflict Casts Shadow on Morocco's Economic Growth

FILE PHOTO: An MSC container ship crosses the Strait of Gibraltar from the Atlantic Ocean to the Mediterranean Sea, near the northern tip of the port of Tangier, Morocco, January 8, 2026. REUTERS/Amr Abdallah Dalsh
FILE PHOTO: An MSC container ship crosses the Strait of Gibraltar from the Atlantic Ocean to the Mediterranean Sea, near the northern tip of the port of Tangier, Morocco, January 8, 2026. REUTERS/Amr Abdallah Dalsh
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IMF: Conflict Casts Shadow on Morocco's Economic Growth

FILE PHOTO: An MSC container ship crosses the Strait of Gibraltar from the Atlantic Ocean to the Mediterranean Sea, near the northern tip of the port of Tangier, Morocco, January 8, 2026. REUTERS/Amr Abdallah Dalsh
FILE PHOTO: An MSC container ship crosses the Strait of Gibraltar from the Atlantic Ocean to the Mediterranean Sea, near the northern tip of the port of Tangier, Morocco, January 8, 2026. REUTERS/Amr Abdallah Dalsh

The International Monetary Fund has warned that in the near term, growth in Morocco would be impacted by the ongoing conflict in the Middle East.

The Executive Board of the IMF concluded last week the 2026 Article IV consultation with Morocco and completed the Mid-Term Review under the Flexible Credit Line Arrangement (FCL), which was approved on April 2, 2025.

The Staff Report issued on Monday said that real GDP growth is projected at 4.4 percent for 2026, 4.5 percent for 2027, and 4 percent over the medium term, assuming normalized agriculture production and continued infrastructure investment with greater private sector participation.

Real GDP growth in 2025 accelerated to an estimated 4.9 percent, supported by a rebound in agricultural output and a surge in large-scale infrastructure projects, the IMF said.

Nonetheless, high unemployment remains a significant challenge. Average inflation remained low at 0.8 percent, allowing Bank Al-Maghrib to maintain a neutral policy stance after earlier rate cuts.

The IMF lauded strong revenue performance that facilitated a smaller than anticipated overall fiscal deficit at 3.5 percent of GDP.

The overall fiscal deficits for 2026 and the medium term are consistent with a gradual reduction in debt to GDP to 60.5 percent by 2031.

The current account widened to 2.1 percent of GDP as imports rose with investment, partly offset by buoyant tourism.

“Sustainable job creation remains a pressing priority, and calls for a more dynamic private sector, leveling the playing field between public and private entities, and further reforms in the labor market,” the IMF said.

“Morocco continues to meet the qualification criteria for the Flexible Credit Line arrangement. Morocco has a sustained track record of implementing very strong macroeconomic policies and remains committed to maintaining such policies in the future, and continues to have very strong economic fundamentals and institutional policy frameworks. The authorities intend to continue treating the FCL arrangement as precautionary and to gradually exit it, depending on the evolution of external risks,” said IMF Deputy Managing Director and Chair Kenji Okamura.