India on December 30 imposed an 11–12% import duty on select steel products for three years to protect its domestic industry from cheap Chinese imports, after DGTR found a sharp surge that could seriously harm local producers. The duty will gradually reduce each year. Several countries have also tightened trade measures against Chinese steel. Meanwhile, China claimed diplomatic credit on another front, saying it “mediated” between India and Pakistan during their four-day military conflict earlier this year. Chinese Foreign Minister Wang Yi said Beijing helped de-escalate tensions, listing it among global crises where China claims to have played a peacekeeping role.
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