Vietnam has decided to impose tariffs on China's 'low-cost dumping' steel exports, following South Korea.
According to Reuters on the 21st (local time), the Vietnamese Ministry of Industry and Trade stated that it will impose tariffs on certain hot-rolled steel products from China. The applicable tariff rate will range from 19.38% to 27.83%, effective from the 7th of next month for a period of 120 days.
The largest Chinese steelmakers, Baoshan Iron and Steel and Maanshan Iron and Steel, are the targets. The Vietnamese government initiated an anti-dumping investigation into Chinese steel products after the Vietnamese industry raised concerns last July.
Steel industries across Asia, including South Korea and Vietnam, are experiencing stagnation due to oversupply from China.
The Trade Commission of the Ministry of Trade, Industry and Energy of South Korea also decided the previous day to recommend to the Minister of Strategy and Finance to impose a provisional anti-dumping tariff of 27.91% to 38.02% on Chinese hot-rolled plates.
The Trade Commission has made a preliminary determination that there is sufficient evidence to estimate substantial damage to the domestic industry caused by dumping based on its preliminary investigation into Chinese products.
The trend of protectionism originating from the United States seems to be intensifying. Earlier, on the 10th, President Donald Trump announced that a tariff of 25% would be imposed on all steel and aluminum products imported into the United States 'without exception or exemption.'