Phillippino steel industry following the tariff call - 15%

Phillippino steel industry following the tariff call - 15%

The Phillippino steel industry is following the trend of a host of other nations in requesting tariffs on imports of finished products to protect its local industry. The Phillippines Iron and Steel Institute (PISI) is requesting the government implement 15% tariffs on these imports. The government currently imposes tariffs of 7-10%. Since the U.S. forced the global steel industry's hand with its declaration of Section 201 safeguard measures, many countries in protest and fear have followed suit. Malaysia and Thailand had also announced their tariff proposals prior to the Phillippine call for tariffs. The Phillippino government is being pressured sources say to develop new programs in the industrial sector, including the steel industry to assist the country in crawling out of its economic slump.