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The U.S. Department of Commerce has imposed duties of more than 400% on steel imports from Vietnam, accusing some businesses of shipping products from the Southeast Asian nation to evade the levies in a further escalation of tension between the two trading partners.
The agency said in a statement that it had found corrosion-resistant steel products and cold-rolled steel produced in Vietnam using substrate of South Korean or Taiwanese origin that had circumvented U.S. anti-dumping and anti-subsidy duties.
Duties will be imposed of up to 456% on certain steel produced in South Korea or Taiwan that are then shipped to Vietnam for minor processing and finally exported to the United States.
Source: Bloomberg