India looks at “safeguarding” steel tax

Summary

Marketplace Morning Report: India Looks at “Safeguarding” Steel Tax

Release Date: March 19, 2025

The latest episode of Marketplace Morning Report, hosted by Sarah Rogers, delves into significant global economic developments, with a primary focus on India's proposed safeguard measures for its steel industry. Additionally, the report covers diverse topics ranging from market movements in Japan to innovative collaborations in the sports and music sectors, and the integration of artificial intelligence in journalism.

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India’s Proposed Safeguard Duties on Steel Imports

Sarah Rogers opens the episode with a comprehensive analysis of India’s intention to impose a 12% safeguard duty on most steel imports. This move is a strategic response to the surge in steel imports from major producers like China, South Korea, and Japan, which have recently reached record highs.

Archana Shukla, broadcasting from Mumbai, explains the rationale behind the safeguard duties:

“Safeguarding duties are basically import taxes that are levied on certain items to avoid dumping of excess of those products and, you know, safeguarding the domestic manufacturers and the domestic market.” [00:50]

Shukla emphasizes that the temporary measure is set for 200 days, pending consultation and feedback from the industry. The primary goal is to protect domestic steel manufacturers from market glut, stabilize steel prices, and enhance the earnings and margins of local businesses.

“The government is suggesting this as a temporary measure for 200 days and it is still a suggestion at the moment.” [01:19]

In the broader global context, India stands as the second-largest producer of crude steel but still relies significantly on imported finished steel products. Shukla points out that unlike the U.S., which has introduced sweeping tariffs under the Trump administration affecting both steel and aluminum, India's safeguarding duties predominantly target steel imports, thereby minimizing direct impact on exports to markets like the U.S.

“India is kind of shielded as far as Trump sweeping tariffs on steel imports. But remember, Trump's tariffs were also on aluminium imports...” [01:52]

This protective stance ensures that while domestic industries are bolstered, India navigates the complexities of international trade pressures effectively.

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Global Market Movements: Japan’s Nikkei and Gold Prices Surge

Transitioning from trade policies, Sarah provides a snapshot of global financial markets. Japan’s Nikkei index closed slightly lower, down a quarter of a percentage point, as the Bank of Japan maintained its interest rates at 0.5%. Concurrently, gold prices soared to a record high, surpassing $3,040 per ounce amid ongoing trade uncertainties.

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Corporate Turmoil: Ben & Jerry’s CEO Dismissal

In corporate news, Ben & Jerry’s faces an internal conflict as the company's chief executive, David Stever, is reportedly being dismissed by parent company Unilever. The dispute centers around Stever’s political activism, particularly the company's public criticism of former President Trump.

“David Stever was ousted without consultation.” [02:28]

In legal filings with a U.S. court, Ben & Jerry’s asserts that Unilever demanded the cessation of its political stance, leading to the abrupt termination of its CEO. This conflict highlights the tensions between corporate governance and activist expressions within multinational conglomerates.

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Sports and Music Synergy: Maltby Main FC’s Global Merch Success

One of the most engaging stories of the episode revolves around Maltby Main FC, a semi-professional soccer team in South Yorkshire, England. Despite limited local support, the club has experienced an unexpected surge in global demand for its jerseys, thanks to a collaboration with the Grammy-nominated metal band Bring Me the Horizon.

Will Chalk, reporting from the UK, explores how this partnership has revitalized the club's finances and international presence.

Kieran White, the club’s chairman, shares the overwhelming response:

“Whenever we launch anything it's just... loads of orders coming in. So it's been madness, literally.” [04:12]

The partnership means that purchasing a Maltby Main jersey also includes music merchandise, creating a unique value proposition that has resonated with fans worldwide. Matt Nicholls, drummer of Bring Me the Horizon and a local resident, underscores the community-driven motive behind the collaboration:

“It was more just like getting the community together and giving them something to, you know what I mean...” [04:58]

This initiative not only boosts the club’s financial stability but also fosters a sense of community and global connection. The episode highlights how such innovative collaborations can propel small sports teams into the international spotlight, leveraging the influence of popular music personalities.

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AI in Journalism: Il Foglio’s Pioneering Daily AI Edition

Lastly, the report examines Il Foglio, an Italian newspaper, which has become the first in the world to offer a daily edition produced by artificial intelligence. Jacob Evans provides insights into this groundbreaking development.

Il Foglio’s AI-generated supplement includes four pages of content covering various topics:

• A critical analysis of President Trump and Vladimir Putin’s betrayals.
• Social trends like young Europeans abandoning stable relationships.
• Fictional letters from readers contemplating the future impact of AI on human employment.

In response to concerns about AI replacing human roles, the editor of Il Foglio remarks:

“Not yet.” [07:54]

This initiative showcases the evolving role of AI in media, presenting both opportunities for innovation and challenges related to journalistic integrity and authenticity.

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Conclusion

The Marketplace Morning Report delivers a thorough exploration of pressing economic policies, market dynamics, corporate governance issues, and innovative intersections between sports, music, and technology. From India's protective measures for its steel industry to the symbiotic relationship between a local soccer team and a global music band, and the advent of AI in journalism, the episode underscores the intricate web of factors shaping today's global landscape.

Listeners gain valuable insights into how national policies influence international trade, the impact of corporate decisions on brand integrity, and the potential of cross-industry collaborations to drive success. Additionally, the exploration of AI’s role in media production invites contemplation on the future of journalism and technology's place within it.

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For more detailed discussions and updates on these stories, tune into the full episode of Marketplace Morning Report.

Transcript

[Archana Shukla]

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[Sarah Rogers]

The world's second biggest steelmaker is planning trade tariffs. Live from the UK this is the Marketplace Morning Report from the BBC World Service in for Liana Byrne. I'm Sarah Rogers. Good morning. First to India's steel industry and plans to impose a 12% tax on most imports of the metal. It comes as imports of finished steel from China, South Korea and Japan recently hit a record high. The BBC's Archana Shukla joins Marketplace from Mumbai. Hi, Archana.

[Archana Shukla]

Hi, Sarah.

[Sarah Rogers]

So these types of measures, they're known as safeguarding duties, aren't they? Just tell us a bit more about what that means.

[Archana Shukla]

Safeguarding duties are basically import taxes that are levied on certain items to avoid dumping of excess of those products and, you know, safeguarding the domestic manufacturers and the domestic market. So in this case, the Indian government is suggesting that they would look at a 12% tax on imported steel largely to ward off risks of a glut in the domestic market.

[Sarah Rogers]

But this is a temporary measure, isn't it?

[Archana Shukla]

The government is suggesting this as a temporary measure for 200 days and it is still a suggestion at the moment. The government has asked for consultation and feedback from the industry and could go ahead with the safeguarding duty after 30 days. But this would at least keep the domestic industry intact and protected for that period and could manage the domestic steel prices and help the domestic manufacturers work better on their earnings and margins.

[Sarah Rogers]

How does what India is doing just fit into the wider global picture then when it comes to steel?

[Archana Shukla]

Well, India is the second largest producer of crude steel, but it does import a lot of finished steel products. Not a lot of India's crude steel products are exporting to the US Market. So from that perspective, India is kind of shielded as far as Trump sweeping tariffs on steel imports. But remember, Trump's tariffs were also on aluminium imports and that is where Indian manufacturers get hit because India exports about $1 billion worth of aluminium to the United States and that industry is working around to deal with the impact of these tariffs.

[Sarah Rogers]

Atana Shukla, thanks so much for joining us on marketplace.

[Archana Shukla]

Thank you, Sarah.

[Sarah Rogers]

Okay, let's see the numbers. Japan's Nikkei finished down a quarter of a percentage point as the bank of Japan kept interest rates unchanged at 0.5% and gold prices rose to hit a record high at just over $3,040 an ounce following trade uncertainty. Ben and Jerry's has said its chief executive was being fired by its parent company, Unilever, in a dispute over its political activism. In a legal filing at a U.S. court, the ice cream company says David Stever was ousted without consultation. It comes a month they accused Unilever of demanding it stop its public criticism of President Trump. The biggest sports teams are fashion brands in their own right, with people all around the world wearing merch from the likes of the New York Yankees to Real Madrid. But how do you tap into that market when your team isn't even fully Pro in the UK, the BBC's Will Chalk has been finding out.

[Will Chalk]

In terms of glitz and glamour, soccer team Maltby Main FC in the north of England is about as far from qualifying for the championship league, the UK's equivalent of the super bowl or the World Series, as you can imagine. Based in the town of Maltby in South Yorkshire, about 160 miles north of London, the club play their home games in front of around 100 fans. Soccer clubs move up and down leagues depending on success. Currently, Maltby Main play in one of the lowest leagues which isn't fully professional. Despite that, their new kit launch has caused an unexpected stir with demand for their team jerseys from around the world. And it's been a lot for the club's chairman, Kieran White, to manage.

[Kieran White]

I have to sleep with my phone on silent because whenever we launch anything it's just you can tell what time people are waking up around the world because at certain times it'll go off and it's like, right, South America's just getting up because we're getting loads of orders coming in. So it's been madness, literally. I can't wait to go on holiday and see somebody laid around the pool in a multi mane shirt.

[Will Chalk]

So why the sudden interest? Well, it's because of these guys. Maltby Main's matchday kits are now sponsored by Grammy nominated metal band Bring Me the Horizon. So buy a shirt and you're also getting a bit of music merch. Kieran says the response has given a real boost to the team's finances.

[Kieran White]

It's keeping us going because it does cost quite a lot of money to run a team at this level.

[Will Chalk]

It came about because Bring Me the Horizons drummer Matt Nicholls is from the town.

[Matt Nicholls]

Maltby's not a place that has much going on. It's like it's a mining town and then obviously like the coal industry is gone, the pits closed. So it was more just like Getting the community together and giving them something to, to be a part of, you know what I mean, and get involved with them. That was the aim from the start. It's good to help them financially, but I think the aim more than anything is just to get people through the gate and to actually get involved. And my mum still lives there, all my family's still there. If I'm driving through there and I see one at shirts, it gets you a little bit, you know what I mean? That's brilliant. I love it.

[Will Chalk]

Bring Me the Horizon are far from the only musicians to do something like this. In fact, Ed Sheeran supports his local team Ipswich Town, who currently play against Liverpool, Manchester City and Arsenal in England's most famous competition, the Premier League. But for a club the size of Maltby, Maine, the direct impact is much easier to track.

[Sarah Rogers]

Like I said, it's just a nice community and it's just everyone's friends really. At the end of the day, Bec.

[Will Chalk]

Is a Bring Me the Horizon fan who previously had no real interest in soccer. Now she goes on a two hour round trip from Lincolnshire to Maltby Main matches. And how long have you been a Bring Me the Horizon fan for?

[Sarah Rogers]

During lockdown I started listening to him. So yeah, coming up, five years and then, yeah, just kind of hooked ever since. I wouldn't have even thought this time last year I'd have been so invested.

[Will Chalk]

In back to Matt from the band. So how gratifying has it been for you to see that it actually is working? You know you are raising the profile of the club.

[Matt Nicholls]

Yeah, it's great. I mean I've, I've played games in like Malaysia and someone on front row has got a multi domain shirt on and it's meant it's pretty mad.

[Will Chalk]

Music isn't often thought of as part of the path to sporting greatness. But for this tiny soccer team, more shirt sales means more cash to spend on players and that could lead to a climb up the leagues in the UK. I'm the BBC's Will Chalk for Marketplace.

[Sarah Rogers]

And finally, an Italian newspaper says it's become the first in the world to offer a daily edition produced by artificial intelligence. Four pages of AI generated content are included in iLfolio's latest publication. The BBC's Jacob Evans has been taking a look.

[Jacob Evans]

As artificial intelligence becomes more advanced, Il Foglio wants to showcase the impact it's having on our daily lives every day. For the next month, it will release an AI generated supplement. Tuesday's inaugural edition provides a scathing look at President Trump and what it calls 10 betrayals by Vladimir Putin. There's also stories on how young Europeans are ditching stable relationships and a selection of AI generated letters from supposed readers. One asks whether the technology will render humans useless in the future. The editor's response? Not yet.

[Sarah Rogers]

BBC's Jacob Evans and in the UK, I am the very real Sarah Rogers with the Marketplace Morning Report from the BBC World Service.

[Janelie Espinal]

Consumer confidence had its sharpest monthly decline since 2021, which means we're all in our feels about money. And while uncertainty is the only constant these days, it's also a great reason to get serious about understanding personal finance. I'm Janelie Espinal, host of Financially Inclined, a podcast from Marketplace that makes learning about money simple. Learn about practical skills like negotiating job offers, dealing with money in friendship and love, entrepreneurship and student loans. Get serious about your money and build a life you've always dreamed of. Listen to Financially Inclined wherever you get your podcasts.