Friday 10 July 2020

Higher US tariffs on steel imports from Turkey take effect

WASHINGTON, August 13, 2018

The additional US tariffs on steel imports from Turkey announced on August 10 will take effect today (August 13), said a report.

US President Donald Trump had earlier announced doubling of the already substantial Section 232 steel tariffs on imports from Turkey to 50 per cent.

Trump tweeted on Friday that the latest tariff decision came as Turkey’s currency, the lira, “slides rapidly downward against our very strong dollar.”

As the tariffs will take effect immediately, a lot of Turkish steel exporters and US importers could be hurt, as there are steel cargoes on the way to the US and some cargoes waiting to be shipped, an S&P Global Platts report said citing Turkish industry sources.

The US was one of the top destination for Turkish steel exports in 2017, worth $1.1 billion. Turkey came in sixth place among the countries the US imported steel from last year, with a 7 per cent share.

Trump's latest tariff decision reflects increased tensions between the two countries, which intensified in late July after the US demanded freedom for Pastor Andrew Brunson, a US citizen detained in Turkey, the report said.

The Turkish Foreign Ministry announced on August 11 that Turkey would retaliate against the raising of steel and aluminium tariffs by the US, while President Erdogan said Turkey would start looking for new friends if the US continues with unilateral actions against its NATO ally, added the report.

Tags: | Steel | US | Turkey | Imports | Tariffs |

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