Part 2/8:
The steel industry is facing an unprecedented "tariff storm" as countries across Asia, Europe, and the Americas erect protective trade barriers against Chinese steel. Vietnam, once the largest destination for Chinese steel, imposed temporary tariffs of up to 28% on certain steel products, an action that has already resulted in a staggering 28% month-on-month drop in Chinese steel exports. Similarly, South Korea's Ministry of Trade, Industry, and Energy introduced a hefty anti-dumping tax, further squeezing China's steel market.