The European Union has extended its safeguard measures on steel imports from a number of countries, including Vietnam, for another 12 months until the end of June 2024.

Eight steel products from Vietnam, including "stainless cold rolled sheets and strips" and "hot rolled sheets and strips," will continue to be subjected to tariff-rate quota, as the E.U. seeks to protect its domestic steel producers.

The tariff-rate quota is a tariff system that allows the E.U. to limit the quantity of a product entering its bloc.

This means any out-of-quota steel imports from Vietnam will be subject to an additional 25% duty.

The E.U. imposed safeguard measures on imported steel in July 2018 and has been extending the measures ever since to protect its domestic industry.

Other countries that will also be affected by the safeguard extension includes China, India and Malaysia.

Source: VnExpress