U.S. Steel importers face import duties of over 400% on certain flat steel imports from Vietnam using material from South Korea and Taiwan from Tuesday, July 2, 2019.
In three preliminary circumvention rulings on Vietnamese steel, the Commerce Department said certain products produced in South Korea and Taiwan were shipped to Vietnam for minor processing before being exported to U.S. as flat coated steel (corrosion-resistant steel products) and cold-rolled steel (CRC). Customs officials have been ordered to collect cash deposits at rates as high as 456.23% on imports of certain flat steel products produced in Vietnam using material from South Korea and Taiwan.
Vietnam says it’s working to reduce its trade surplus with the U.S., and is already cracking down on Chinese manufacturers who are rerouting their goods via the Southeast Asian nation for export to the U.S. in order to bypass higher tariffs.
What is the problem to US steel importers?
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