US slaps import duty of over 450% on steel products from Vietnam

This tariff applies to corrosion-resistant steel products and cold-rolled steel. These duties apply to any unliquidated entries since August 2, 2018, the date on which US Department of Commerce initiated these circumvention inquiries.

The applicable cash deposit rates will be as high as 456.20 percent, depending on the origin of the substrate and the type of steel product exported to the US, according to statement.

Recently, exports of stainless steel and cold rolled steel from Vietnam to the US increased by more than 4,000% and 900%, respectively.

Under this decision, the US Department of Commerce determined that stainless steel and cold rolled steel products manufactured in Vietnam used substrates originating from Korea or Taiwan (China) to evade anti-dumping duties and US subsidies.

This is shown by the strong growth in the export turnover of the two steel products from Vietnam to the US during the investigation period.

US Department of Commerce said the investigation was conducted by the agency at the request of US steel companies including ArcelorMittal, Nucor Corp, United States Steel Corp, Steel Dynamics Inc, California Steel Industries, and AK Steel.

The strict enforcement of US trade law is a primary focus of the Trump Administration. To date, the administration has issued 35 preliminary in anti-circumvention inquiries, a 192 percent increase from the number of such determinations made during the comparable period in the previous administration.