Donald Trump’s steel tariffs mean Turkey needs to find new markets
President Donald Trump’s latest broadside against Turkish steel is a new blow to one of the country’s most important industries and will reshape global trade flows. Under a higher level of tariffs, Turkey will continue to lose US customers, once its most important steel market. The new tariffs will not put Turkish steel makers out of business, but force them to find new markets, likely across North Africa or the Middle East, or displace other imports to Europe. "It’s certainly a challenge for Turkey’s steel," Colin Hamilton, MD for commodities research at BMO Capital Markets, said in an e-mail. "They mainly import scrap, which has just become more expensive in lira terms, and export products. " The US plans to double tariffs on the nation’s steel to 50%, and raise the rate on aluminium to 20%, Trump said on Twitter on Friday. Turkey makes up 62% of bars used to reinforce concrete and masonry structures coming into the US. It also accounts for 37% of imported pipes for piling, which ...
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