Industry, Logistics & Shipping

US drops import tariff on Turkish steel back to 25pc

The US has reduced the Section 232 tariff on Turkish steel back to 25 per cent from 50 per cent, while terminating Turkey's preferential trade treatment that allowed some exports to enter the country duty-free, said a report.

The White House last week issued a statement revealing that the US has reduced the tariff on Turkish steel, which was doubled last August, to 25 per cent again, according to report by S&P Global Platts from informed Turkish industry sources.

It has also terminated Turkey's eligibility to participate in the General System of Preferences (GSP) programme based on its level of economic development, it said.

The decisions were effective from May 17.

Turkish industry sources have generally welcomed the US decision, saying it will have positive effects on Turkish mills' export volumes and prices, added the report.