China's giant steel industry is facing mounting pressure on exports this year as it faces another wave of trade frictions from U.S. President Donald Trump's new tariffs. Trump announced plans earlier this month to impose 25% tariffs on all steel and aluminium imports into the United States, effective from March 12. Here is the list of countries and regions that have unveiled measures or plans after Trump's fresh proposals on tariffs.
VIETNAM
Vietnam announced last Friday that it would impose a temporary anti-dumping levy of up to 27.83% on some steel products from China, effective from March 7. Though Vietnam launched the anti-dumping investigation last July, the announcement took the market by surprise because it came earlier than expected. Vietnam was China's largest steel export destination in 2024, accounting for 11.5%, or 12.77 million metric tons, of China's total steel exports which hit a nine-year high.
SOUTH KOREA
South Korea's industry ministry said last week it had provisionally decided to impose up to 38% tariffs on Chinese steel plate imports after an investigation into alleged dumping of the steel product used in shipbuilding and construction. Some 7.4%, or 8.19 million tons of China's steel exports flowed to South Korea last year, making it China's second-largest steel export market.
INDIA
India could impose a temporary tax of 15%-25% on steel from China within the next six months because of the "serious challenge" to domestic producers from cheap imports, its steel minister said earlier this month. China's steel exports to India accounted for just 2.7% of its total last year, although the South Asian nation's finished steel imports from China touched their highest levels in at least seven years during the first nine months of the financial year that began in April.
EUROPEAN UNION
The European Commission is investigating whether to tighten its current system of quotas on steel imports to protect EU producers from Trump's fresh tariffs.
(Reuters)
