Metal & Oil & Gas News – Nctv.net
Turkey will introduce quotas on the amount of steel it imports from October 17, with an additional 25 percent duty on any imports above the quotas. It said it had begun investigating the case for emergency safeguard measures in April, after US President Donald Trump imposed a 25 percent tariff on steel. That, and subsequent trade restrictions in other countries, including the European Union, India and Indonesia, had diverted steel toward Turkey. Turkey filed a complaint against steep US duties on imported metals at the World Trade Organization (WTO) in August. In its letter to the WTO, Turkey charged that Washington broke free trade rules when it initially imposed tariffs of 25 percent on steel and 10 percent on aluminum imports in June for most countries, with a few exceptions such as Argentina and Australia and that the doubling of these rates amount to an additional violation
Under WTO rules, Ankara and Washington now have 60 days to settle the dispute through negotiations. If they fail, the WTO may issue a ruling on the matter.
Trump announced in early August that he was doubling tariffs on Turkish steel and aluminum to 50 and 20 percent, respectively, amid growing tensions between Washington and Ankara over a US terror-linked pastor under house arrest in Turkey.
Source : STRATEGIC RESEARCH INSTITUTE, STEELGURU
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