The US extended the order to impose taxes on imported secondary steel and aluminum
Updated on: 23/03/2020
US President Donald Trump has just extended the Order of imposition under Section 232 on secondary steel and aluminum products imported into the United States.
The Department of Trade Defense (Ministry of Industry and Trade) said that in February, US President Donald Trump extended the tax imposition under Section 232 on the national security issue of the Expanded Trade Act of 1962 for some aluminum and secondary steel products imported into the United States when foreign manufacturers were found to have “evaded” the imposition of duty under Section 232.
The extended import duty under Section 232 is applied to imported goods made from aluminum such as wires, aluminum cables, cases … including HS codes: 7614.10; 7614.90; 8708.10; 8708.29 and from steel such as steel nails, staples, and covers with HS codes: 7317.00; 8708.10; 8708.29. The applicable tax rate is 10% for aluminum products; 25% for steel products and have no deadlines.
In addition, the US also applies the exemption mechanism for aluminum of Argentina, Australia and Canada. Along with that is the steel of Argentina, Brazil, Canada, Mexico and South Korea.
According to the Chamber of Commerce’s Chamber of Commerce, section 232 of the 1962 Trade Act allowed the US Department of Commerce to investigate whether imports were affecting US national security.
In 2018, the US imposed tariffs on imported aluminum and steel products, saying that the import of these two items threatens US national security.
Statistics of the US International Trade Commission (USITC) show that imports of goods affected by this expansion measure in 2019 are about 785 million USD for steel and 480 million USD for aluminum.
In particular, the turnover of secondary products of aluminum and steel that Vietnam exported to the US in 2019 were US $ 1.8 million and US $ 1.63 million, respectively, accounting for 0.38% and 0% respectively. , 21% of total aluminum and secondary steel exports to the US.
Under US Department of Commerce regulations, importers may file a waiver on a case by case basis.
Accordingly, the Department of Trade Defense (Ministry of Industry and Trade) noted that enterprises exporting aluminum and secondary steel products to the US should discuss with import partners to consider the request for exemption in case of goods. The export satisfies the conditions of exemption.
If you want to import GOOD QUALITY Steel Coils from Vietnam, please contact us at:
– Email: datdq@namkimgroup.vn
– Mobile/Whatsapp/Wechat/Line/Viber: +84 973 765 730
– Website: https://steelvn.vn/