Tiếng Việt
普通话
The U.S. President and the Department of Commerce (DOC) have announced that they would impose respective tariffs of 25% and 10% on steel and aluminum imports from 12 countries including Vietnam instead of the current 0%.
The U.S. gave no specific reasons for the proposed tariffs. Therefore, VSA has proposed the Ministry of Industry and Trade take measures to support local steel producers and seek the Government’s approval to sue the U.S. at WTO if the tariffs are imposed on steel imports from Vietnam.
The response of VSA, Vietnamese management agencies and steel enterprises to the U.S. move is necessary but the lawsuit against the U.S. would prove difficult as the law the U.S. invokes to levy the taxes is unknown.
Even if the tax is imposed, Vietnamese steel producers will find it hard to object as the U.S. has the right to slap high taxes on imported products if such imports affect its security and defense in accordance with WTO rules.
In addition, steel imports from Vietnam account for only 5% of the U.S.’s total. The volume of Vietnamese steel shipped to America makes up just 11% of its total steel exports.
Instead of getting involved in a time-consuming and costly lawsuit, Vietnamese steel producers should focus on the local market and increase exports to other Southeast Asian countries.
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Local steel firms brace for higher U.S. tariffs
HCMC – The Vietnam Steel Association (VSA) is working with relevant agencies and enterprises over measures to shield Vietnamese steelmakers from risks as the U.S. President has announced that the U.S. would impose a 25% tariff on all steel imports.
A VietnamPlus report quoted VSA as saying that once U.S. President Trump makes a final decision on the matter, the association may consider taking it to the World Trade Organization (WTO) if needed.
For now, VSA and enterprises are expecting support from the Vietnamese Government to request the U.S. side to exempt Vietnam from this import restriction. They will also keep track of reactions of countries which have voiced objections to the U.S. over the proposed tariffs.
The Department of Trade Defense under the Ministry of Industry and Trade said it has followed the situation since the beginning and is closely coordinating with VSA and relevant units. With Vietnam’s steel and aluminum accounting for just a small fraction of the metals imports stateside, the trade ministry of Vietnam has requested the U.S. to carefully consider its import restrictions on products from Vietnam, comply with WTO regulations and international practices, and not damage trade relations between the two countries.
“The Ministry of Industry and Trade will continue to closely watch U.S. trade policy and take into account all possible measures to safeguard the legitimate interests of Vietnamese businesses,” a source from the Department of Trade Defense was quoted by VietnamPlus as saying.
The U.S. Department of Commerce (DOC) last month released a report on measures to restrict steel and aluminum imports under Section 232 of the 1962 Trade Expansion Act.
The report recommends some measures to restrict steel and aluminum imports such as imposing tariffs and quotas, with taxes likely to amount to 25% on steel and 10% on aluminum. It is being considered by the U.S. President, who is expected to make final decisions, based on the analysis and recommendations in the report, concerning steel by April 11 and aluminum by April 19.
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