On May 30, President Donald Trump announced plans to increase tariffs on imported steel and aluminum from the current 25% to 50%. He made the announcement at a campaign rally in Pennsylvania, emphasizing the goal of constructing a “tariff wall” to protect the domestic metal industry.
In a post on Truth Social after the rally, the President confirmed that the new tariffs will take effect on June 4, 2025 (US time). Since March 2025, the US government has imposed a 25% tariff on most imported steel and aluminum products under Section 232 of the US National Security Act.
Hoa Sen Group’s store
Regarding the impact of the new tax policy, Hoa Sen Group shared with Nguoi Lao Dong newspaper that this measure will not affect their business operations in the coming time. Since September 2024, the US Department of Commerce has initiated an anti-dumping and countervailing duty investigation into galvanized, cold-rolled, and color-coated steel products exported from Vietnam. Due to the investigation and cautious customer sentiment, exports of coated steel to the US market have been suspended since then.
Despite the temporary disruption to exports to the US since September 2024, Hoa Sen Group’s positive financial results in the first seven months of the 2024-2025 financial year demonstrate their adaptability to market fluctuations. Specifically, the cumulative business results for the first seven months of the 2024-2025 financial year are as follows:
Thus, in the first seven months of the 2024-2025 financial year, HSG achieved 57% of the production plan, 58% of the revenue plan, and 92% of the after-tax profit plan according to the high scenario. With these positive business results, Hoa Sen Group expects to exceed the business targets for the 2024-2025 financial year according to the high scenario approved by the General Meeting of Shareholders.
HSG shares closed up 25% in the last trading session (June 30) compared to two months ago.
