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16 Oct 2019

TODAY STEEL MKT RATE

Trump vows to renew 50% Steel tariffs against Turkey

WASHINGTON (Scrap Register): US President Donald Trump has said that he will double the Section 232 tariffs on Turkish steel from 25% to 50% as a result of the country’s military actions in Northeast Syria.

In a statement posted to Twitter, Trump said he would soon be issuing an executive order increasing the steel tariffs and authorizing the imposition of sanctions against Turkey.

He tweeted “I will soon be issuing an Executive Order authorizing the imposition of sanctions against current and former officials of the Government of Turkey and any persons contributing to Turkey’s destabilizing actions in northeast Syria. Likewise, the steel tariffs will be increased hack up to 50 percent, the level prior to reduction in May. The United States will also immediately stop negotiations, being led by the Department of Commerce, with respect to a SI00 billion trade deal with Turkey.”

Trump previously raised Turkey’s steel tariff rate from 25% to 50% in August 2018 due to the devaluation of the Turkish lira and increased political tension between the countries due to the detention of US Pastor Brunson. Turkey’s tariff rate on steel was later dropped back to 25% in May 2019.

Under Section 232 of the 1962 Trade Expansion Act, the president is able to adjust the tariff level set for any country at any time they see fit.

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