Everyone against Chinese steel - Trump's tariffs force many countries to take measures against Beijing
China's giant steel industry is facing growing pressure on exports this year as another wave of trade tensions approaches from new tariffs from US President Donald Trump.
Trump announced plans earlier this month to impose 25% tariffs on all steel and aluminum imports into the United States, starting March 12.
Several states have revealed the measures they will take following Trump's proposals.
Vietnam
Vietnam announced last week that it would impose a temporary tariff of up to 27.83% on certain steel products from China, effective March 7. Although the country launched an investigation against unfair competition last July, the announcement surprised the market because it came earlier than expected.
Vietnam was the largest destination for China's steel exports in 2024, with 12.77 million metric tons, or 11.5% of Beijing's total exports of the metal. These figures reached the highest level in the last nine years.
South Korea
South Korea's industry ministry said last week it had temporarily decided to impose tariffs of up to 38% on imports of Chinese steel plates, following an investigation into suspected unfair trade policies on the product, which is used in shipbuilding and building construction.
About 7.4%, or 8.19 million tons, of China's steel exports went to South Korea last year, making it China's second-largest metal export market.
India
India may impose a temporary duty of 15%-25% on steel from Beijing within the next six months due to the "serious challenge" to domestic producers from cheap imports, official sources in the country said.
China's steel exports to India accounted for just 2.7% of its total last year, although finished steel imports from Beijing reached their highest levels in at least seven years during the first nine months of the financial year that began in April.
European Union
Meanwhile, the European Commission is investigating whether it should tighten the current quota system for steel imports to protect EU producers from Trump's new tariffs.
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