President cited on Twitter an ongoing devaluation of the lira as the reason for raising steel tariffs and aluminum tariffs to 50 percent and 20 percent, respectively.
President Donald Trump announced on Twitter Friday morning that he has authorized steel and aluminum tariffs on Turkey to be doubled as the Turkish lira currency continues to be devalued against “our very strong dollar.”
Trump confirmed that tariffs on aluminum from Turkey will increase from 10 percent to 20 percent, and tariffs on steel from Turkey will increase from 25 percent to 50 percent.
“Our relations with Turkey are not good at this time!” Trump tweeted.
The Turkish lira has been on a steady decline since Sept. 9, 2017, when the exchange rate was about 1 lira for every 29 U.S. cents. Since then, the rate has fallen to 1 lira for every 15 U.S. cents currently, plunging by more than 5 cents since July 29.
The Office of the U.S. Trade Representative earlier this week announced it is reviewing Turkey’s eligibility for the Generalized System of Preferences based on concerns about the country’s market access for U.S. products.
In response to U.S. Section 232 steel and aluminum duties activated June 1, Turkey imposed duties ranging from 4 percent to 70 percent across $1.8 billion worth of U.S. exports, based on 2017 trade value.
Treasury on Aug. 1 sanctioned Turkish Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu for their roles in the arrest and ongoing detention of Andrew Brunson, an American pastor arrested in Izmir, Turkey, in October 2016, accused without evidence of aiding armed terrorist organizations and obtaining confidential government information for espionage, according to Treasury.
Turkish Foreign Affairs Ministry spokesperson Hami Aksoy said Trump’s announcement completely disregards World Trade Organization rules and “cannot be associated with seriousness associated from a state.
“All the steps taken against Turkey will be given a befitting response as they have been given before,” Aksoy said. “In order to bring solutions to the existing problems,
Turkey will always side with diplomacy, dialogue, good will and mutual
understanding.”
The Commerce Department, which is the head agency for implementing Section 232 actions, didn’t respond to a request for comment about when it might formally direct U.S. Customs and Border Protection to start collecting the increased duty amounts.
Trump orders metal tariffs on Turkey to double
