The new import taxes could affect manufacturers that rely on steel and aluminum. Manufacturers aren’t just going to switch to domestic suppliers, said Erin McLaughlin, senior economist at The Conference Board, because those suppliers can’t expand steel and aluminum factories overnight. That takes years.

U.S. President Donald Trump’s decision to double steel import tariffs to 50% to protect domestic industry has shaken global markets. Yet this policy shift may also serve as a lesson - and even an opportunity - for countries like Vietnam to intensify their own steel development strategies for the future.