Final Thoughts
August 10, 2018
Final Thoughts
Written by John Packard
Once again, the President of the United States has inserted himself into the free trade of steel as he has announced the doubling of tariffs on Turkey. When I spoke to traders on Friday, they did not know how quickly the new tariffs would go into place. Trade attorney Lewis Leibowitz answered some of the questions (including when) in a separate article in tonight’s issue of SMU.
Turkish traders were “shocked” on Friday and told me that there could be as many as 10 cargoes on the water headed for the United States. Many of those tons were sold “duty paid” by the producing mill, which protects the trader to a degree. We were told the Turkish mills were having discussions on Friday, “trying to calculate the impact and mitigate the cost.”
