The US announced a tax rate of up to 456% for steel products of Taiwan and South Korea

Updated on: 21/03/2020
The US Department of Commerce (DOC) has announced that import duties may increase to 456%, depending on the origin and type of exported steel. The DOC cites cases of dumping or countervailing duties when steel products are exported from a third country as a basis for tariffs
Tariffs target two types of steel products: corrosion resistant steel products (CORE) and cold rolled steel (CRS). These products are usually shipped to Vietnam from Taiwan or South Korea for small processing before export.
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The amount of CORE shipped from Vietnam to the US has increased by 332% since 2013, while CRS shipments have increased by 916% over the same period. Tariffs will apply to all future exports of these categories, as well as to any unpaid exports, from August 8 onwards.

Import duties on CORE and CRS have been introduced at the request of US steel producers. The Trump administration was very optimistic about the implementation of tariffs, and the DOC cited the strict implementation of the US Commercial Code, which is a major focus.

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