For Vietnam, the potential imposition of tariffs threatens a double shock. — Vietnam News
HANOI: The US Department of Commerce has delivered a heavy blow to the nation’s steel exports, issuing final affirmative determinations in its anti-dumping and countervailing duty investigations into corrosion-resistant steel (Core) imported from 10 countries and territories, including Vietnam.
“Commerce made its final determinations that imports of Core into the United States from 10 trading partners were being dumped and or subsidised,” it said.
The decision affects Core products – vital in the manufacture of cars, appliances and buildings – worth US$2.9bil imported from Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkiye, the United Arab Emirates, and Vietnam.
While these determinations by the Department of Commerce confirm unfair trade practices, the process is not yet over.
The US International Trade Commission (ITC) must now determine whether these imports have materially injured the domestic steel industry. If the ITC issues an affirmative, trading partner-specific finding, the United States will formally impose anti-dumping and countervailing duties on the affected steel imports.
For Vietnam, the potential imposition of tariffs threatens a double shock.
Firstly, the United States remains a crucial export destination for Vietnamese steel, contributing significantly to the sector’s overall turnover.
The imposition of duties could erode Vietnam’s price competitiveness, reduce future orders, and force firms to urgently seek alternative markets.
Secondly, the ruling underscores a broader trend of protectionism in global steel markets. As major economies ramp up trade defence measures to shield domestic industries, Vietnamese steel – buoyed by strong export growth in recent years – is increasingly vulnerable to anti-dumping and subsidy investigations. — Viet Nam News/ANN
