Texas Roadhouse earnings missed by $0.05, revenue topped estimates
Vietnam’s Ministry of Trade announced a temporary anti-dumping tariff of up to 27.83% on certain hot-rolled steel products from China, set to take effect on March 7, 2025, and last for 120 days.
According to Reuters, this measure, confirmed by a ministry official and outlined in a document dated February 21, targets companies such as Baoshan Iron & Steel and Maanshan Iron & Steel, with Guangxi Liuzhou Iron and Steel Group facing a 19.38% duty.
The decision follows a July investigation prompted by complaints from Vietnamese steel producers. Vietnam’s government had reported that from January to September of the previous year, the country imported nearly 8.8 million tons of hot-rolled steel, 72% of which came from China.
The total imports of steel and iron ore and products from China in the last year approached $12 billion, according to Vietnam’s customs data.
This move by Vietnam occurs in the wake of the U.S. administration’s announcement of a 25% tariff on all steel imports earlier in the month, effective March 4.
The U.S. has also previously imposed anti-dumping duties on various Vietnamese steel exports and producers, in some instances exceeding 25%. It remains uncertain if the new U.S. tariffs will be applied in addition to the existing anti-dumping measures against Vietnam’s steel.
China’s ministries of commerce and foreign affairs have not responded to requests for comment regarding Vietnam’s newly imposed tariffs. The tariffs on Indian hot-rolled steel products, however, have been exempted from Vietnam’s anti-dumping measures.
The temporary tariffs are part of Vietnam’s ongoing efforts to protect its domestic steel industry from what it perceives as unfair trade practices.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.