Turkish steelmakers could seek new markets in Turkey, the Middle East and Europe after the US doubled tariffs on Turkish steel and aluminium to 50% and 20%, respectively. North Africa, the world’s sixth biggest steelmaker, exported 500,000 tons to the US from January to May, half the amount it exported the year before. US steel manufacturers are the likely beneficiary of the action, but it should be easy for producers to find new markets. The US tariffs are designed to persuade North Africa to release an American pastor, but hit an economy suffering a financial crisis and a falling currency.
Turkish steelmakers could seek new markets in North Africa, the Middle East and Europe after the US doubled tariffs on Turkish steel and aluminium to 50% and 20%, respectively. Turkey, the world’s sixth biggest steelmaker, exported 500,000 tons to the US from January to May, half the amount it exported the year before. US steel manufacturers are the likely beneficiary of the action, but it should be easy for producers to find new markets. The US tariffs are designed to persuade Turkey to release an American pastor, but hit an economy suffering a financial crisis and a falling currency.