2019-10-25 09:15:00
U.S., TURKEY: NO SANCTIONS
PLATTS - After threatening last week to increase the US tariff on imports of Turkish steel to 50%, President Donald Trump said Wednesday he had instructed the Department of the Treasury to lift all sanctions imposed on Turkey in light of a pause in the latter country's military operations in northeastern Syria -- but some saw the initial threat as hollow and of no major impact on Turkey-US steel trade flows.
An increase on the tariff on Turkish steel to 50% was announced by Trump at the beginning of last week via Twitter, but never officially implemented.
That threat -- of an increase in the tariff on steel from Turkey from the current 25% -- lacked any significant consequences because Turkish steel exports to the US have already seen a sizable decrease, according to a recent Panjiva Research report. Panjiva is part of S&P Global Market Intelligence which, like Platts, is a division of S&P Global Inc..
Overall, only 6.3% of Turkey's steel exports were shipped to the US in 2018, compared with 43.2% of exports to the EU, according to the Panjiva report. In addition, shipments from Turkey represented just 1.5% of total US steel imports.
Nonetheless, Trump previously raised Turkey's steel tariff rate to 50% from the wider Section 232 tariff level of 25% in August 2018 amid increased political tension between the countries due to the detention of American pastor Andrew Brunson. Turkey's tariff for steel was dropped back to 25% in May.
Turkish mills' offer prices remain uncompetitive in the US market, amid a decline in domestic American prices, even as Turkish steel mills face difficulties in exporting to US given the current 25% tariff.
Turkish mills are expected to try increase their exports to the US gradually in the coming months, some sources say, as relations between the two countries seem to be improving. Still, Turkish mills generally have found it hard to regain market share while the current 25% tariff remains in place, they say.
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Earlier:
2019, October, 23, 12:40:00
ВЗАИМОДЕЙСТВИЕ РОССИИ, ТУРЦИИ
одну из ведущих ролей в наращивании российско-турецкого экономического взаимодействия продолжает играть энергетическая отрасль, подчеркнул Александр Новак. «Успешно продвигается реализация флагманских проектов: “Турецкий поток” и АЭС “Аккую”, подчеркнул Министр.
2019, October, 23, 11:40:00
GLOBAL GROWTH RESTRAINED
Global growth remains subdued, reflecting the softening pace of investment and trade. Downside risks persist due to continued policy uncertainty, trade tensions, financial volatility, and rising debt.
2019, October, 21, 13:25:00
U.S. TRADE WARS
The collateral damage of the United States’ trade wars is being felt from the fjords of Iceland to the auto factories of Japan.
2019, October, 16, 12:10:00
IMF: THE GLOBAL ECONOMY SLOWDOWN
Global growth is forecast at 3.0 percent for 2019, its lowest level since 2008–09 and a 0.3 percentage point downgrade from the April 2019 World Economic Outlook.
2019, October, 14, 13:50:00
GECF: GLOBAL RECESSION
The global economy has started to slow down in 2019, reflecting an impact from USChina trade tensions, as well as the economic cycle in the US.
2019, October, 11, 12:00:00
U.S., TURKEY SANCTIONS
The proposed legislation would also impose sanctions on any military transactions with Turkey, set sanctions on anyone who supports Turkey’s domestic energy industry for use by its armed forces, prohibit the sale of U.S. defense articles to the Turkey armed forces and define Turkey’s purchase of Russia’s S-400 missile defense system as “significant” and subject to sanctions.
2019, October, 9, 12:50:00
RUSSIA, TURKEY AGREEMENT
Treasury and Finance Minister Berat Albayrak and his Russian counterpart Anton Siluanov signed an agreement last week on using national currencies in payments and settlements between the two countries, the Russian finance ministry said Tuesday.
