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October 21, 2019

United States Threatens Tariffs On Turkish Steel

At the beginning of last week, President Donald Trump announced he would re-impose a 50 percent tariff on Turkish steel imports into the United States. (Penalties on these products were cut from 50 percent to 25 percent in May 2019.)

The threat was in response to Turkey’s military actions in Syria.

According to FastmarketsAMM (subscription required), that plan was abandoned by Thursday (October 17) of last week, however, when Turkey agreed to a ceasefire. According to the Washington, D.C.-based newspaper Roll Call, Vice President Mike Pence “said there would be no new sanctions imposed by the White House while the ceasefire is being implemented and strengthened.”

The higher 50 percent tariffs on Turkish steel could be implemented at a later date, however, if the ceasefire does not hold.