Trump announces a 25% tariff on steel and aluminum, along with various other tariff measures, starting Monday, February 10, 2025

The U.S. imposition of import tariffs on steel may put pressure on Vietnamese steel enterprises, especially those with high export ratios to this market, such as NKG and HSG. On the other hand, HPG will face less impact since its export volume to the U.S. accounts for a smaller proportion. For Vietnam, the impact of this wave is inevitable; however, we expect the Vietnamese and U.S. governments to soon find common ground to minimize the impact or potentially benefit in some ways in a positive scenario.