The Day at a Glance | December 29 2023

*The Ministry of Economy enforces a tariff of almost 80% on certain steel imports.

*Oil prices are expected to close 2023 around 10% lower, which would mark the first annual decline in two years. 

*Maine election official disqualifies Trump from presidential primary elections.

*An unidentified aerial object entered Poland – a NATO member – on Friday, from direction of Ukraine, according to Polish officials.

Economic environment

The Ministry of Economy announced a 81.06% tariff on certain steel imports, following a 25% tariff on steel imports from countries without free trade, including China, in August of this year. This new tariff will apply to some Vietnamese exports of cold-rolled steel sheets, although they can be exempted if it´s demonstrated that the inputs come from a country other than China. In particular, Vietnamese steel manufacturers Hoa Phat and Posco Vietnam will be subject to 11.64% and 25.64% tariffs, respectively, although they can be exempted if they prove the origin of said inputs. This measure is the result of an anti-dumping investigation requested by Ternium, a steel company, on February 18^th, 2022.