199% Antidumping duties on cold, pressed steel and foreign steel … strongly responding to the surge in Vietnamese products.
The United States has decided to impose high tariffs on Vietnamese steel using Chinese materials.
The U.S. intends to block even Chinese steel that is trying to divert to Vietnam in order to avoid trade barriers.
The United States has significantly reduced imports of Chinese steel in the past few years through various import restrictions.
The U.S. Department of Commerce reported on Thursday (local time) that 199.76 percent of the antidumping duties and 256.44 percent of the antidumping duties were imposed on cold, rolled steel products produced in Vietnam.
The tariff means that importers impose tariffs on certain goods in the amount of subsidy they provide if they increase their price competitiveness by providing incentives or subsidies to certain industries.
In addition, the Commerce Department decided to impose anti-dumping and countervailing duties of 199.43 percent and 39.05 percent, respectively, on the Vietnamese River.
The Commerce Department added that this series of measures will also apply to Vietnamese mistermate steel and cold steel made with hot-rolled pressure from China.
The U.S. did so because imports from Vietnam increased sharply, instead of because of restrictions on Chinese steel imports.
As antidumping duties were imposed on Chinese products in 2015, annual U.S. imports of cold rolled steel from Vietnam increased from 9 million dollars to 250 million dollars.
Import from the Vietnamese river also jumped from 2 million dollars to 80 million dollars.
The U.S. steel industry has called for stronger import restrictions on Vietnamese steel, saying it is in fact Chinese.
Meanwhile, the tariff will be applied in addition to the 25-percent tariff imposed under the U.S. Trade Expansion Act 232.
In April, Trump signed an executive order to impose 25 percent and 10 percent tariffs on imported steel and aluminum, respectively.