US raises duties on steel products from Vietnam originated from China
The US Commerce Department on Monday announced heavy import tariffs on steel products from Vietnam originated from China.
Specifically, importers of cold-rolled steel produced in Vietnam using Chinese-origin substrate will be subject to possible anti-dumping duties of 199.76% and countervailing duties of 256.44%, the Department said in a statement, Reuters reported. Meanwhile, corrosion-resistant steel from Vietnam faces anti-dumping duties of 199.43% and anti-subsidy duties of 39.05%, it said.
The duties will come along with a 25% tariffs on most steel imported to the US, that resulted from the findings of a national security investigation into steel and aluminum import, according to Reuters. The move also marked a victory for US steelmakers, who won anti-dumping and anti-subsidy duties against Chinese steel in 2015 and 2016 only to see shipments flood in from elsewhere. The industry has argued that Chinese products are being diverted to other countries to circumvent the duties.
The decision followed a European Union finding in November that steel shipments from Vietnam into the EU also circumvented tariffs.
On the issue, CNBC wrote, the announcement following this week's truce in a broader trade dispute between Beijing and Washington reflects the wide array of strains in the world's biggest trading relationship.
US steel producers complained imports of Chinese-made steel through other countries soared after Washington imposed anti-dumping charges in 2015 to offset what it said were improper subsidies by Beijing, according to CNBC.
According to the Vietnam Steel Association, Vietnam’s steel sector exported more than 5.5 million tons of steel worth USD3.64 billion in 2017, marking an increase of 28.5% in volume and 45.4% in value compared to 2016.
The total steel output in the first four months of 2018 is expected to hit 3.21 million tons, up 8.8% year-on-year. The association said Vietnam’s steel sector production in 2018 has the potential for 20-22% growth against 2017.
Illustrative photo
|
The duties will come along with a 25% tariffs on most steel imported to the US, that resulted from the findings of a national security investigation into steel and aluminum import, according to Reuters. The move also marked a victory for US steelmakers, who won anti-dumping and anti-subsidy duties against Chinese steel in 2015 and 2016 only to see shipments flood in from elsewhere. The industry has argued that Chinese products are being diverted to other countries to circumvent the duties.
The decision followed a European Union finding in November that steel shipments from Vietnam into the EU also circumvented tariffs.
On the issue, CNBC wrote, the announcement following this week's truce in a broader trade dispute between Beijing and Washington reflects the wide array of strains in the world's biggest trading relationship.
US steel producers complained imports of Chinese-made steel through other countries soared after Washington imposed anti-dumping charges in 2015 to offset what it said were improper subsidies by Beijing, according to CNBC.
According to the Vietnam Steel Association, Vietnam’s steel sector exported more than 5.5 million tons of steel worth USD3.64 billion in 2017, marking an increase of 28.5% in volume and 45.4% in value compared to 2016.
The total steel output in the first four months of 2018 is expected to hit 3.21 million tons, up 8.8% year-on-year. The association said Vietnam’s steel sector production in 2018 has the potential for 20-22% growth against 2017.
21:45, 2025/01/15
Hanoi seeks 5% export growth in 2025
The city’s total import-export turnover reached US$60.1 billion in 2024, up 11% year-on-year.
08:41, 2025/01/11
Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of local workers.
22:19, 2025/01/09
Hanoi's foreign trade turnover hits US$60.1bn in 2024
The city will continue to support businesses in exploring new markets, capitalizing on the Free Trade Agreement of which Vietnam is a member.
11:46, 2025/01/09
Vietnam confident of achieving 8% growth rate in 2025
Key drivers of Vietnam’s growth include institutional reforms and decentralized governance.
14:34, 2024/12/26
UK’s accession to CPTPP to benefit Vietnam’s exports in 2025
Vietnam, in particular, will gain further access to a high-quality market, complementing its connections with Japan, Canada, and Australia.
16:41, 2024/12/16
Hanoi seeks greater efficiency in e-commerce tax management
Hanoi's e-commerce tax administration is expected to be significantly tightened in the near future.
- Hanoi's wet markets in decline amid changing consumer behaviors
- Heavy fines for unhygienic street vendors in Hanoi
- Busy high season at Thuong Mao Carpentry Village
- Hanoi plans for new markets
- Hanoi Shopping Festival 2024 promotes agricultural products and handicrafts
- Food safety measures required for Lunar New Year 2025