On the morning of February 11, 2025, US President Donald Trump officially signed a decree imposing a 25% tax on imported steel and aluminum, effective from March 4, 2025. Specifically:
- Subject of tax: All countries that export aluminum and steel to the US market.
- Tax rate: 25%.
- Validity: From March 4, 2025.
Accordingly, the 25% tax rate will increase again for steel and aluminum imports from Argentina, Australia, Brazil, Canada, the EU, Japan, Mexico, South Korea, the UK and Ukraine. Steel and aluminum products from these countries have previously been exempt from tariffs into the United States under the terms of the exemption.
For Vietnam, the above decree will increase the tax rate on Vietnam’s aluminum products from 10% to 25%. Meanwhile, the tax rate on Vietnam’s steel products will remain at 25% compared to the tax rate from 2018.
According to US customs statistics, in 2024, Vietnam will export about 983 million USD of steel and steel products (up nearly 159% compared to 2023). For aluminum products, in 2024, Vietnam will export about 479 million USD of aluminum and aluminum products to the US market, up 9.5% compared to 2023.
The Vietnam Trade Office in the US recommends that businesses assess the situation and diversify markets, especially countries with FTAs with Vietnam, to reduce dependence on one market.
(According to information on CBS News on February 11, 2025)
Read more: Impact of Trump’s 25% tariffs on Vietnam’s steel and aluminum: Impact on Vietnam Blog ENG
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