The US President Trump announced that the US and Vietnam have reached a new trade agreement on July 2. Goods exported directly from Vietnam to the US will be imposed a 20% "reciprocal tariff", and goods transiting through Vietnam will be imposed a tariff as high as 40%. 

As the US continues to intensify trade restrictions with China, the importance of re-export countries such as Vietnam is increasing. But in recent times, the local demand in Vietnam has shown signs of weakness. 

At the same time, more and more countries follow the trade protection measures under the leadership of the US. It will further increase the risk of China's steel exports.