US hikes tariffs on Chinese steel exported via Vietnam

Finance news

The United States has raised tariffs on steel from Vietnam that Washington says originated in China and evaded anti-dumping duties on Chinese steel.

The announcement following this week’s truce in a broader trade dispute between Beijing and Washington reflects the wide array of strains in the world’s biggest trading relationship.

Importers of corrosion-resistant and cold-rolled flat steel from Vietnam will be required to post deposits to pay possible duties of 39 to 256 percent, the Commerce Department said Monday.

U.S. steel producers complained imports of Chinese-made steel through other countries soared after Washington imposed anti-dumping charges in 2015 to offset what it said were improper subsidies by Beijing.

Imports of cold-rolled steel from Vietnam rose from $9 million to $215 million, the Commerce Department said. It said imports of corrosion-resistant steel from Vietnam rose from $2 million to $80 million.

Products affected by the latest tariffs were made in Vietnam using Chinese steel. The Commerce Department said that triggers the same anti-dumping penalties as steel imported directly from China.