Vietnam like the US, tariffs on Chinese steel - The value of Beijing's imports reached 12 billion USD last year
Vietnam will impose a temporary tariff of up to 27.83% on some steel products from China, according to a document from the Ministry of Commerce. The tariff on rolled steel products is expected to take effect from March 7 and will be in effect for 120 days, the document said.
Among the companies hit by the 27.83% tax are Baoshan Iron & Steel and Maanshan Iron & Steel. While Guangxi Liuzhou Iron and Steel Group will face a 19.38% duty. According to the document, rolled steel products from India will not face tariffs.
Vietnam launched an investigation in July after complaints from domestic producers. The government said that in the January-September period last year, the country imported about 8.8 million tons of rolled steel, 72% of which originated from China.
The total value of steel and iron products imported from Beijing last year was nearly $12 billion, customs data show.
Vietnam's move comes after the United States administration announced 25% tariffs on all its steel imports earlier this month, which will take effect on March 4.
The US has imposed duties on Vietnamese steel exports and producers, in some cases as high as 25%. It is not clear whether the latest US tariffs will apply to Vietnamese steel, in addition to existing measures.
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