Illustrative image (Source: VNA) Hanoi (VNA) - The Ministry ofIndustry and Trade (MoIT) has requested the US to carefully consideralternative means to restrict the import of steel and aluminum products fromVietnam.
MoIT has said while it is important to ensurecompliance with the World Trade Organisation’s regulations and internationalpractices, the developing trade relations between the two countries should notbe affected.
The proposal was made after US SecretaryWilbur Ross released on February 16 reports of the US Department of Commerce’sinvestigations into the impact on national security from the import of steelmill products and wrought and unwrought aluminium from Vietnam.
MoIT said Vietnamese imports accounted for anegligible share of the total US steel and aluminium imports.
In the reports, Ross recommended to USPresident Donald Trump a global tariff of at least 24 percent on steel importsfrom all countries and territories, or a tariff of at least 53 percent on steelimports from 12 countries (Brazil, China, Costa Rica, Egypt, India, Malaysia,the Republic of Korea, Russia, South Africa, Thailand, Turkey and Vietnam),with a quota on steel imports from all other countries equalling 100 percent oftheir 2017 exports to the US, or a quota on steel products from all countriesequalling 63 percent of each country’s 2017 exports to the US.
Ross recommended to President Donald Trumpthree alternative remedies for dealing with the excessive import of aluminium:a tariff of at least 7.7 percent on all aluminium exports from all countriesand territories, or a tariff of 23.6 percent on all products from China, HongKong, Russia, Venezuela and Vietnam. These would cover both aluminium ingotsand a wide variety of aluminium products.
All the other countries and territories wouldbe subject to quotas equal to 100 percent of their 2017 exports to the US, or aquota on all imports from all countries and territories equal to a maximum of86.7 percent of their 2017 exports to the US.
The reports are currently under considerationof the US President, and no final decisions have been made yet. The Presidentmay take a range of actions, or no action, based on the analysis andrecommendations provided in the reports. Action could include making modificationsto the recommendations, such as adjusting percentages.
The US President needs to decide on the steelrecommendations by April 11 and on the aluminium recommendations by April 19.
MoIT said it would keep following theprogress of the case and is considering all solutions to ensure the justifiablerights and interests of Vietnamese businesses.
According to reports of the Vietnam SteelAssociation, Vietnam’s steel sector exported more than 5.5 million tonnes ofsteel worth 3.64 billion USD in 2017, marking an increase of 28.5 per cent involume and 45.4 per cent in value compared to 2016.
Of the exports, ASEAN countries imported 59.3percent of Vietnam’s steel, while the US imported 11.1 percent.
The association has predicted a year-on-yearincrease of 20-22 percent in steel production this year.-VNA
VNA
