Steel Execs Anticipate Fallout from Trump Tariff on Turkey

Effective Monday, August 13, the Trump administration doubled the tariffs on steel imports from Turkey to 50 percent, stunning the market and setting off a wave of speculation on how this trade action may impact the steel and scrap markets in North America.

A tweet from President Trump early Friday set the change in motion: “I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time.” A presidential proclamation making the change official was signed later that day.