Mexico slaps import tariffs on Vietnamese steel imports

Mexico's economy ministry announced that it is imposing tariffs of up to 80% on imports of certain steel products from Vietnam, after domestic producers complained about unfair trade practices. 

The tariffs will be applied to imports of cold-rolled steel sheets, according to the text published in the official gazette on Thursday. 

This comes after an investigation carried out by the government to determine whether imports from Asia were damaging the market, as company Ternium claimed in February 2022.

China was accused of steel dumping, selling surpluses in Mexico via Vietnamese producers at prices below the cost of production, damaging domestic production, Ternium alleged.  

As a result of the investigations, imports from Vietnam's largest steel producer, Hoa Phat, will have to pay tariffs of 11.64%, while those from company Posco-Vietnam were given a 25.64% tariff. Imports from the rest of Vietnam's exporters have been hit with a 79.24% duty. 

However, the importers “will not be obliged to pay should they provide proof that that the country of origin of the goods is different from China,” the text reads. 

China is the biggest steel supplier in Latin America and accounts for almost a third of steel products entering the region, according to data from Latin American steel association Alacero, cited by daily Milenio.