South Korea is seeking to end measures limiting exports of cold-rolled steel sheets to Mexico, the South Korean Ministry of Trade, Industry and Energy said Monday.
President Donald Trump is pushing his bitter trade war with China into an aggressive and unpredictable new phase, bewildering Wall Street and risking an even bigger slowdown heading into a 2020 election in which the economy was supposed to be the president’s strongest selling point.
The US was the largest importer of Vietnam in the first seven months of 2019 with a turnover of 32.5 billion USD, a year-on-year surge of 25.4 percent, according to the Ministry of Industry and Trade.
The government may impose an anti-dumping duty of up to USD 3,263 per tonne on imports of a certain type of steel from Brazil, China, and Germany for five years, according to a government notification.
With Japan’s decision to remove South Korea from its “white list” of trusted export destinations, the two countries increasingly appear to be headed for a long-term standoff.
South Korean midsized steel companies may face setbacks in the wake of the US move to raise anti-dumping duties on imported oil pipelines, amid global trade uncertainties and price surges in raw materials.
President Donald Trump abruptly escalated his trade war with China, announcing that he would impose a 10% tariff on a further $300 billion in Chinese imports in a move set to hit American consumers more directly than any other in his trade wars so far.
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