US 25% tariffs on steel, aluminum challenge businesses
VOV.VN - The US President has officially signed an order imposing a 25% tariff on imported steel and aluminum, prompting concerns among Vietnamese manufacturers and requiring them to proactively seek solutions to navigate these challenges.
Truong Hoang Nam, Director of EuroHa Joint Stock Company, said his company specializes in aluminum products and exports to markets including the US, the European Union, and Asia, with the US being its largest export destination. The company ships over US$7 million worth of aluminum products to the US annually. News of the 25% tariff has caused considerable concern.
“We are working with the Vietnam Aluminum Association and the Trade Remedies Authority of Vietnam while also keeping our US partners informed. Both sides are closely monitoring the situation and awaiting further updates. The 25% tariff is expected to reduce the output of extruded aluminum products by about 30%,” Truong Hoang Nam went on to say.
Many businesses believe the tariff hike will weaken the competitiveness of imported steel in the US market, leading to a significant decline in export revenue and directly impacting their profitability.
Dong Duc Trong, Deputy General Director of Chinh Dai Industrial Co., Ltd., stated that the US accounts for 10% of his company’s total export turnover. In response to the new tariff, the company is developing strategies to adapt to shifting global market conditions. While acknowledging the challenges, he also sees an opportunity to focus on producing higher-value, higher-quality steel products to meet international demand.
“We are working with legal teams in both the US and Vietnam to assess which HS codes will be affected. This is also an opportunity for us to shift our focus from raw materials to high-value, fully finished products for international customers,” Dong Duc Trong added.
Economic experts warn that the 25% tariff on steel and aluminum will significantly impact exports to the US in the near future.
To cope with the situation, businesses should prepare contingency plans, diversify markets mitigate risks from import restrictions, and ensure compliance with US regulations on origin certification. Companies must also be ready to fully engage in trade remedy investigations by US authorities and closely monitor developments to respond effectively.
Malaysia initiates anti-dumping probe into galvanized steel sheets from Vietnam
VOV.VN - The Malaysian Ministry of Investment, Trade and Industry (MITI) unveiled that it has initiated an anti-dumping investigation into galvanized steel sheets originating or imported from China, the Republic of Korea, and Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV).
