Vietnamese steel enterprises should wait for clarification of US tariff policy: trade official
Vietnamese steel enterprises should wait for clarification of US tariff policy: trade official
Regarding U.S. President Donald Trump’s recent 25-percent tariff on all steel and aluminum imports into the United States, Nguyen Manh Quyen, head of the Vietnam Trade Office’s branch in Houston, Texas, recommended Vietnamese businesses to wait for clear guidance before making any decisions.
Employees are at work at a steel company in Vietnam. Photo: HPG |
Quyen advised steel companies to take time to understand the details of the tariff calculation and the specific products affected, heard a seminar on U.S. market trends and the economic outlook for 2025 held on Tuesday.
Diep Anh, a representative of Hoa Phat Group, which exports steel products such as construction steel, coated steel, and steel pipes to the U.S., expressed concerns about the new tariff.
She noted that the U.S. had imposed a 25-percent tariff on all steel and aluminum imports with no exceptions or exemptions.
On March 8, 2018, the U.S. imposed a 25-percent tariff on steel imports and a 10-percent tariff on aluminum imports under Section 232 of the Trade Expansion Act of 1962 citing national security issues, according to foreign media.
Under Section 232, the tariffs were levied on steel and aluminum products from Vietnam and other nations.
She remained unsure if Section 232 would be abolished under the new executive order or if the U.S. would apply both tariffs cumulatively.
In response, Quyen advised caution, stating that businesses should wait for more detailed official guidelines.
“At this stage, we should not speculate. We need to wait for the official announcements regarding how the tariff will be calculated and which specific products will be impacted,” he said.
According to Quyen, the Vietnam Trade Office and some relevant units such as the Agency of Foreign Trade under the Ministry of Industry and Trade are working with partners to provide businesses with precise information about the new tariffs.
In the U.S., tax policies can vary significantly in different states and regions.
As such, steel enterprises were advised to determine the correct Harmonized System code for their products when exporting to avoid confusion.
Quyen encouraged businesses to reach out directly to the U.S. customs authorities via email or work with an import-export broker to ensure they have accurate information.
On Tuesday, the White House confirmed the 25-percent tariff on steel and aluminum imports.
