Impact of the US reciprocal tariff on Masan High-tech Materials

MHT’s diversified critical mineral portfolio remains undeterred amid global headwinds from tariffs and trade war. Given the latest update from the United States on rolling out reciprocal tariffs globally on 2nd April 2025, MHT’s product portfolio falls under the exempted list outlined in Annex II.

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Masan High-Tech Materials continues to maintain its stability despite rising global trade tensions.

All products exported by MHT – Tungsten Oxides (28259030), Tungsten APT (284180), Acidspar (25292100 and 25292200) and Bismuth (81069000) fall under the exempted list classified as critical minerals. 

As the world braces for the impact of trade war and tariffs, MHT’s geographically diversified revenue stream (with US ~10% of the revenue) and critical mineral portfolio make us resilient to headwinds.
China's stranglehold on critical mineral supply chains poses significant risks to global markets, with the country controlling over 80% of the world's tungsten and bismuth supplies. The Feb 2025 announcement of restricting exports of these critical minerals (Tungsten, Bismuth) from China exposed the vulnerability of supply chains and heavy reliance on China, highlighting the urgent need for diversification.

Masan High-Tech Materials is one of the world’s leading producers of tungsten and advanced materials.

As the U.S. pushes to decouple from China’s critical mineral grip, MHT delivers a robust, diversified portfolio of tungsten, fluorspar, and bismuth. With baseline tariffs of 20% applied for imports from China, MHT exportable products – exempt from the reciprocal tariffs – poised to benefit from the move. This was realized through an increased number of inquiries from consumers across the world including USA, Japan, South Korea & EU coupled with high-level customer visits to Vietnam for seeing MHT production facilities and on-site meetings. As the trade war intensifies, we anticipate this momentum to strengthen further. 

The tariffs are expected to impact China’s manufacturing, economy and exports, prompting a 34% counter-tariff on the U.S. and a ban on 7 rare earth metals, with more restrictions likely as tensions rise. This escalation is pushing major industrial nations, beyond just the U.S., to rethink supply chain vulnerabilities and hunt for alternative sources.