The Steel Industry’s Search for Solutions Following Tariff Turmoil
Thai Nguyen Rolling Steel Plant in Steel Production On April 2, US President Donald Trump signed an executive order imposing reciprocal tariffs on over 180 economies, with Vietnam facing a 46% rate. Notably, Vietnamese steel has been excluded and is already subject to a 25% tariff since 2018 under Section 232 of the US Trade Expansion Act. The Trump administration aims to maintain stable tax policies on strategic metals, which are essential for key US industries. This decision avoids “double taxation” and keeps costs down for American consumers. However, it creates a complex scenario with both opportunities and challenges for Vietnam’s steel sector. In 2024, Vietnam exported nearly 13 million tonnes of steel, worth 9.08 billion USD, according to the Vietnam Steel Association (VSA). The US was the third-largest market, accounting for 14% of total exports, after ASEAN and the EU. This highlights the significance of the US market for Vietnam’s steel industry. While the US re...