U.S. halves Tariffs on Turkish Steel Imports
As per the latest updates, Trump government have reduced tariffs on steel imports coming from Turkey to 25% which was increased to 50% almost a week earlier. The government has removed all the other economic sanctions on Turkey on the grounds that the five days ceasefire in Syria had been successful and will remain permanent.
The Section 232 tariff on steel imports from Turkey had been increased from 25% to 50% in August 2018 and later reduced back down to 25% in May 2019. However, on 14 Oct’19, tariffs were increased once again increased to 50%.
Nonetheless, the U.S. president has added that he could reimpose tariffs and sanctions on Turkey if it does not honor its obligations to protect religious and ethnic minorities. "We reserve the right to reimpose crippling sanctions including substantially increased tariffs on steel and all other products coming out of Turkey," Trump said in a statement.
According to U.S. Commerce Department, Turkish exports of steel products into the U.S. from Jan-Aug’19 totalled to 201,000 tonnes, down by 74% compared to the 762,000 tonnes shipped in the same period of 2018.
Turkey’s steel sector has already come under pressure from a global economic slowdown which has taken toll on its construction, automotive and white goods sectors, driving down steel consumption by 31% y-o-y basis and production by more than 10%.
source: SteelMint
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Mercuria eyes equity in African assets, new metals boss says
Glencore posts lower metals output for first nine months, reiterates outlook
Gold price surge adds glitter to tarnished miners
Traders see gold as a surefire bet as coin-toss election looms
Anglo American sells Australian coal JV stake for $1.1 billion
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years